Borders explores sale, suspends dividend

Read the full article at: http://biz.yahoo.com/rb/080320/borders.html?.v=8
(via biz.yahoo.com)

NEW YORK/ATLANTA (Reuters) - Book retailer Borders Group Inc (NYSE:BGP - News) on Thursday suspended its quarterly dividend and said it may sell itself, sending its shares down as much as 44 percent to a new low.

Turnaround situations seldom turn around

Borders = No moat

I never understood the interest in Borders by Pershing Square and other value investors. This is a classic example of what happens when you invest in companies with no moat.