Borders completes sale of Paperchase unit

Ann Arbor, Mich. Borders Group said late Tuesday it has completed the sale of its Paperchase Products Ltd. stationery unit for $31 million. The buyer is British private investment firm Primary Capital Ltd.

The deal was announced last week as the bookseller continues to try to cut costs and improve profitability.

Borders will continue to buy and carry Paperchase products in its U.S. stores. The company bought a majority interest in Paperchase, based in the United Kingdom, in 2004 for $24.1 million.