ANN ARBOR, Mich., Feb. 4, 2011 /PRNewswire/ -- Borders Group, Inc.
(NYSE: BGP) today reported that on Feb. 3,
2011, it was notified by NYSE Regulation, Inc. that it was
not in compliance with the continued listing standard of the New
York Stock Exchange, Inc. (the "NYSE") requiring a minimum average
closing price of $1.00 per share over
a consecutive 30 trading day period. Subject to providing required
notice to the NYSE, the company is entitled to a six-month period
from the date of the notification to cure this deficiency. During
this period, Borders' shares would continue to be listed and traded
on the NYSE, subject to its compliance with other NYSE continued
listing standards.
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About Borders Group, Inc.
Headquartered in Ann Arbor,
Mich., Borders Group, Inc. (NYSE: BGP) is a leading
specialty retailer of books as well as other educational and
entertainment items. The company employs approximately 19,500
throughout the U.S., primarily in its Borders® and Waldenbooks®
stores. Online shopping is offered through borders.com. Find author
interviews and vibrant discussions of the products we and our
customers are passionate about online at facebook.com/borders,
twitter.com/borders and youtube.com/bordersmedia. For more
information about the company, visit borders.com/media.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
One can identify these forward-looking statements by the use of
words such as "expect," "believe," "planning," "possibility,"
"opportunity," "goal," "will," "may," "intend," "anticipates,"
"working toward" and other words of similar meaning. One can also
identify them by the fact that they do not relate strictly to
historical or current facts.
These statements are subject to risks and uncertainties that
could cause actual results and plans to differ materially from
those included in the company's forward-looking statements. These
risks and uncertainties include, but are not limited to, the risks
that the company may not be successful in regaining compliance with
the NYSE continued listing standards, that the company's shares may
cease to trade on the NYSE or another securities exchange, and that
the delisting of the company's shares from the NYSE may give rise
to a contractual obligation to repurchase for cash at their fair
value certain stock purchase warrants issued by the company to
Pershing Square Capital Management. L.P. and its affiliates.
The company's periodic reports filed from time to time with the
Securities and Exchange Commission contain more detailed
discussions of these and other risk factors that could cause actual
results and plans to differ materially from those included in the
forward-looking statements, and those discussions are incorporated
herein by reference. The company does not undertake any obligation
to update forward-looking statements.
SOURCE Borders Group