Key Events in Borders History

1933
Lawrence Hoyt opens a book rental in Bridgeport Conn.

1962
Hoyt opens his first independently owned bookstore in Pittsburgh, PA., and calls it the Walden Book Store in tribute to Henry David Thoreau’s literary classic, Walden.

1971
Tom and Louis Borders open an 800-square foot used bookstore in the academic community of Ann Arbor, Mich., and call it Borders Book Shop. Over the coming years Tom and Louis expand their operation, opening new stores in new markets.

1984
Kmart Corporation purchases Waldenbooks, and Waldenbooks purchases Brentano’s, a chain of distinguished bookstores.

1992
Kmart acquires Borders and forms the Borders-Walden Group as part of its Specialty Retail division.

1995
The Borders Walden-Group is renamed Borders Group, Inc. and goes public through an initial public offering. Waldenbooks’ headquarters moves from Stamford, Conn., to Ann Arbor, the home base of Borders.

1996
Borders Group launches the Borders Group Foundation to supports its employees and their families through need-based grants, merit scholarships, and key relationships with other caring organizations.

1997
Borders’ first store outside the U.S. opens in Singapore.

2001
Borders enters into an alliance with Amazon to launch Borders.com teamed with Amazon.com.

Borders Group develops and launches the Value of Employment (V.O.E.) strategy to focus the company on activities that matter most to its employees. The strategy concentrates on four areas: benefits and service, pay and rewards, employee development, and work environment.

2003
Borders Group and T-Mobile team to make T-Mobile Wi-Fi HotSpot service available in Borders stores in the U.S.

The Borders Group Foundation awards 26 employees each a $1,000 college scholarships to assist with college costs.

2004
Borders and Seattle’s Best Coffee, LLC, a wholly-owned subsidiary of Starbuck’s Corporation, sign a licensing agreement under which Borders will operate Seattle’s Best Coffee® cafes in existing superstores beginning in 2005, and within new Borders superstores as they open.

Borders Group acquires Paperchase Products Limited, a London-based company that offers a unique assortment of stationery, gift packaging, greeting cards, art paper and materials, seasonal items and other gifts.

Borders Group announces an agreement with Berjaya Group to open Borders franchise locations in Malaysia. Later, in 2005, the largest Borders store in the world (60,000 square feet) opens in Malaysia at Kuala Lumpur’s Berjaya Times Square shopping mall.

2005
AARP recognizes Borders Group as a “Featured Employer,” part of AARP’s Workforce Initiative effort to connect mature workers (50 years and older) with job opportunities.

The Borders Group Foundation awards more than $64,000 in college scholarships to 36 students nationwide who are employees of Borders Group, or dependents of employees.

2006
Borders launches its Borders Rewards® program, a customer loyalty program. Membership in Borders Rewards is free, with no enrollment costs or annual fees. For every $150 customers spend, they earn $5 in Borders Bucks to spend later.

Borders Group names George L. Jones, President, Chief Executive Officer and a Director of the company.

Borders enters the broadband entertainment arena with launch of the online Borders Book Club.

Borders signs a franchise agreement with Al Maya Group, a diversified corporation headquartered in the United Arab Emirates (U.A.E.) to open Borders stores in the U.A.E.

The Borders Group Foundation, awards $93,500 in college scholarships to 53 students nationwide who are employees of Borders Group, or dependents of employees.

2007
Borders launches its online “Live at 01” event series. Filmed on location at Borders’ first store in Ann Arbor, Mich., the program captures all the energy and intimacy of a live in-store event at a Borders store and brings it to customers online.

Borders Group presents its long-term strategic plan to drive a turnaround of the company. The plan includes (1) revitalizing domestic Borders superstores; (2) exploring strategic alternatives for the majority of Borders’ International segment; (3) continuing right-sizing the Waldenbooks Specialty Retail segment; (4) launching a proprietary e-commerce site in the first fiscal quarter of 2008; and (5) publishing exclusive and proprietary books.

Borders establishes an external diversity council from academia, the publishing industry, business and the non-profit sector to provide objectivity, expertise and guidance to the company's internal diversity task force.

Nick Santora’s “Slip & Fall” debuts as the first novel released under Borders’ exclusive and proprietary publishing program. It later debuted at #15 on “The Wall Street Journal” best seller list in the fiction category.

The Borders Rewards program surpasses the 20-million-member mark. As of March 2008 the program includes approximately 25 million members.

Borders Group achieves a perfect score on the 2008 Corporate Equality Index, published by the Human Rights Campaign (HRC) Foundation, a civil rights organization working to achieve gay, lesbian, bisexual and transgender (GLBT) equality.

Borders Group sells a majority interest in its U.K. and Ireland subsidiaries to Risk Capital Partners, a London-based private equity investor. The transaction includes all 41 Borders superstores located in the U.K. and the Borders superstore in Ireland, as well as all 28 Books etc. stores in the U.K.

Borders signs an agreement with Sony that expands their existing relationship for the sale of the Reader Digital Book, and includes a new, co-branded version of Sony's online store for e-book downloads.

Borders signs an agreement with Ripple to launch an in-store television network called “Borders^® TV” in superstores nationwide. The screens broadcast Borders’ exclusive, original video programming and geographically-targeted lifestyle content from Ripple.

Borders launches a beta site (http://beta.BordersStores.com) to preview its upcoming Borders.com proprietary Web site. The preview platform contains features of the new site including the Magic Shelf™, improved search capabilities and improved navigation.

Borders opens its first stand-alone Paperchase shop in the U.S. on Boston’s Newbury Street. Paperchase is the London-based retail brand leader in design-led and innovative stationery with more than 118 stores in the U.K., including many successful stand-alone stores. Borders Group acquired Paperchase Products Limited in 2004.

A Forrester Research study – the “Customer Experience Index, 2007” – ranks Borders #1 nationwide among 112 companies for providing an enjoyable shopping experience. Borders ranked #2 overall of nearly 5,000 consumers.

2008
Borders opens its first concept store on Lohr Rd. in Ann Arbor, Mich. The 28,900-square-foot concept store incorporates digital and Internet features to provide a uniquely satisfying and interactive customer experience. The company will open 13 additional concept stores nationwide in 2008.

Borders launches its own e-commerce site – Borders.com. The site is rich with innovative features including the Magic Shelf™ and exclusive and original video programming that brings a real bookstore experience to life online. Borders.com also offers Borders Rewards members – which as of June 2008 total more than 26.5 million – an opportunity to earn and redeem their “Borders Bucks” and coupons online.

Borders and AARP enter into a long-term agreement to offer unique benefits and discounts to AARP’s more than 39 million members. Under the agreement, Borders and AARP will team up to expand access to information on health, financial security, travel, and other issues important to personal growth and quality of life for those over 50. In addition, Borders will offer AARP members in-store and online discounts on select merchandise and will encourage AARP members to take advantage of the benefits of membership in the Borders Rewards® customer loyalty program.

Borders Group sells 100 percent of its Australia/New Zealand/Singapore businesses – which includes 30 superstores – to A&R Whitcoulls, the leading Australasian retailer of books and related products owned by private equity firm Pacific Equity Partners.