Retail in Asia

In Sectors

US’s Borders to sell Paperchase for USD31m

US-based bookstore chain Borders Group Inc. has agreed to sell its Paperchase stationery and gifts business to British private-equity firm Primary Capital Ltd for USD31 million.

The second largest US bookstore chain by revenue, Borders saw fiscal first-quarter losses narrow from woeful levels a year earlier, when consumer spending dropped and readers took to e-books.

Despite financial difficulties in its domestic market, Borders has continued to expand its franchises, recently adding stores in Malaysia.