UPDATE 1-Borders chief executive buys another 50,000 shares

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NEW YORK, Nov 26 (Reuters) - The chief executive of Borders Group Inc (BGP.N: Quote, Profile, Research, Stock Buzz) revealed he has purchased 50,000 shares of the book retailer for the second time in less than two months.

In a U.S. Securities and Exchange commission filing on Monday, George Jones disclosed he purchased the stock on Friday for prices ranging from $11.55 to $11.69 per share.

Borders shares fell as low as $11.06 last week -- touching their lowest level since January 2001 -- as the company posted a wider-than-expected quarterly loss and reported a $116.5 million charge related to the sale of most of its British and Irish subsidiaries. [ID:nN20635447]

Jones also purchased 50,000 shares of Borders stock in late September for prices ranging from $13.33 to $13.45. That was his second open-market purchase since joining the company in July 2006.

Jones now holds more than 170,000 Borders shares, according to the filing.

On Friday, Borders shareholder Pershing Square Capital Management LP increased its stake in the bookseller to 17.1 percent from 11.7 percent, an amended regulatory filing showed.

Pershing Square Capital Management now owns about 10.1 million shares of Borders.

Borders, the No.2 U.S. bookseller behind Barnes & Noble Inc (BKS.N: Quote, Profile, Research, Stock Buzz), previously said it would consider selling most of its overseas stores, close nearly half its Waldenbooks stores in the United States, and start selling books through its own Web site as it looks to close the gap with the industry leader.

Borders' stock closed up 1 percent at $11.92 on the New York Stock Exchange on Monday, outperforming a 2.3 percent fall in the Standard & Poor's 500 Index .SPX. (Reporting by Emily Chasan, additional reporting by Justin Grant; Editing by Lincoln Feast)