Borders Closes on Sale of Australia Business

Plus New Zealand and Singapore

Borders continued the pruning of its balance sheet on Tuesday by closing on the sale of its businesses in Australia, New Zealand, and Singapore to A&R Whitcoulls, an Austalasian retailer of books and related products owned by private equity firm Pacific Equity Partners. 

Borders cleared $90 million from the deal, with the potential for up to another $14 million next spring depending on the achievement of performance targets. 

Our favorite quote on the matter was a joke in Rick Aristotle Munarriz’s column on Motley Fool:

What’s the difference between Borders Group and the cast of characters in ABC’s hit series Lost?

One was lost leaving Australia, and the other left Australia because it was lost.