Ann Arbor,
Mich. – Media retail store chain
Borders (NYSE: BGP) announced on Friday that Vector Group, a tobacco holding company
controlled by Bennett LeBow, will invest $25 million in the company.
LeBow will
also become chairman of Borders, replacing Richard McGuire, who is resigning.
"[The]
investment will improve the company’s capital position, and provide greater
stability as we execute strategies to transform the brand," said Borders
interim president and CEO Mike Edwards.
"As an astute investor and
business operator with a strong technology background and proven experience
with driving company turnarounds, he will play an extremely important role in
helping us redefine the Borders brand that is so critical to unlocking a
turnaround."
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