BORDERS TRYING AGAIN?
By Adnews Staff
A group of Canadian business people may be making a quiet second attempt to bring Borders Inc. into Canada. Quoting "sources", The Financial Post said yesterday that a revised plan for a joint venture between the U.S. chain of super-size bookstores and Canadian partners is being reviewed by Industry Canada. Edward Borins, a principal in the original unsuccessful Borders Canadian venture, replied "No comment" when asked about the Post report. Borins was part of a group that made an application last year to bring Borders to Canada, an application that was refused by Industry Canada. Before the federal agency stopped the project, Borins told Adnews that the Canadian arm of Borders would want to hire a Canadian ad agency. The original proposal was for a company with three Canadians holding majority ownership: businesswoman Heather Reisman, Second Cup CEO Michael Bregman, and Borins, co-founder of the Edwards Book and Art chain. Borders Inc. was to have a minority interest. Canadian government policy requires that cultural industries such as publishing and bookselling must have more than just Canadian majority ownership; they must be under actual Canadian control.