Kobo clarifies stake in Borders as bookseller shuts down

Kobo issued a release relating to the ongoing liquidation of bookseller Borders to clarify misconceptions about Kobo that have been inaccurately reported by the media and misunderstood by consumers.

Borders who is ceasing operations after letting go of 10,700 workers and shutting down 400 stores was an early investor in Toronto-based Kobo, Borders is expected to liquidate all remaining assets by September to pay off debt. Hit jump to see the full release.

 "We are saddened by this development," Borders President Mike Edwards said in Monday’s statement. "We were all working hard toward a different outcome, but for the headwinds we have been facing for quite some time."

Kobo management provides the following facts regarding the company:

• Kobo is a privately-held company that offers over 2.4 million eBooks, newspapers, and magazines -- one of the largest eReading catalogues in the world.  
  
  
• Readers from over 100 countries across the globe download and read using Kobo’s top-ranked eReading applications for iPad, iPhone, BlackBerry, Android, Windows and MacOS.  Kobo is the eReading application of choice for leading tablet OEMs. 

• Kobo is solely responsible for payment to publishers for eBooks sold through the Kobo platform and publishers will continue to be paid on time as usual.
  
  
  
• For those Borders customers who haven’t transferred their eBook libraries to Kobo, the process is quick and easy.  Borders customers can visit  to download a free Kobo eReading app for your 

• new Kobo eReader Touch Edition which is available at leading retailers including Indigo, Walmart, Best Buy and WH Smith.  
  
  
• Kobo continues to build international growth 

As an interested party in the Borders bankruptcy proceedings, Kobo has made certain filings with the court to preserve its legal rights moving forward.

Kobo offers their support to the Borders’ community of employees, families and friends.

Statement from Michael Serbinis, CEO, Kobo, Inc:

“As one of the early investors in Kobo, Borders has a minority stake in our company and serves as part of our distribution in the U.S. along with Walmart, Best Buy, Sears and other leading retailers.  As a member of the broader book publishing and retailing community, we are watching Borders' story and will offer our support to Borders and their employees.  Kobo will continue to serve Borders customers – in this time of transition as well as moving forward – to provide the ultimate eReading experience and one of the widest selection of eBooks available to the eReading community worldwide.”