Borders Sells Stationery Arm Paperchase to UK Private Equity Firm

Beleaguered book retailer Borders (BGP) needs every drop of capital it can get in order to stay competitive with the likes of Barnes & Noble (BKS) and Amazon (AMZN). One way it's doing so is through a startling, but not surprising development: selling its London-based Paperchase stationery, cards and gift unit for $31 million to Primary Capital, a UK-based private equity firm, in a bid to reduce its debt.

Borders' Third Wave of Layoffs This Year

Struggling book retailer Borders goes through a third round of layoffs in 2010, targeting its stationery and gifts subsidiary Paperchase, which operates 337 shops in the United States.