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DETROIT (AP) - Book retailer Borders Group Inc. announced a fourth-quarter loss on Thursday as it disclosed plans to close nearly half of its Waldenbooks stores and the possible sale of most of its international businesses as part of a restructuring plan.
The Ann Arbor-based company said it plans to focus more of its efforts on its domestic Borders superstore business and better tailor those stores to local markets. It plans to develop a consolidated Borders.com e-commerce Web site and publish exclusive books by celebrities, first-time authors and others under the Borders name.
"We need to reinvent our business to exploit the rapid changes taking place in how consumers access information and entertainment," Borders Group Chief Executive George Jones said in a statement. "Our ultimate goal is to make Borders a vital community gathering place where people come together to see, touch, interact and learn — online and in-store."
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