Business Services Industry
Expanding Borders ; Book retailer looks to add 55 stores a year.(Borders Group Inc.)(Statistical Data Included)
Crain's Detroit Business, October, 2001 by Snavely, Brent
After spending a year reorganizing many of its operations, Borders Group Inc. is poised to build up to 55 Borders superstores stores a year for the next six to eight years. Ann Arbor-based Borders Group (NYSE: BGP), which turns 30 this month, plans to spend $130 million annually on capital expenditures, said Greg Josefowicz, Borders Group president and CEO.
About 65 percent of the money will be spent on opening 40-45 stores in the United States each year and six to 10 stores a year in other countries. ``We have the capacity to more than double, over the next six to eight years, Borders superstores in the United States,'' Josefowicz said. Ed Wilhelm, CFO and senior vice president of finance, said Borders Group can fund the expansion program through its...
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