Borders has agreed to sell its Paperchase stationery unit for $31 million to Primary Capital, a UK-based private equity firm. Under the agreement, set to close next week, Borders will continue to purchase and sell Paperchase products in its stores, and use $25 million of the proceeds to reduce the amount outstanding under its $90 million term loan credit facility, as specified under the terms of the loan agreement reached this past April. The deal comes just a month after Borders laid off an unspecified number of Paperchase staff, its third round of job cuts in 2010, and six years […]
