October 1, 2007 / 9:42 PM / 11 years ago

Borders chief executive snaps up 50,000 shares

NEW YORK, Oct 1 (Reuters) - The chief executive of Borders Group Inc BGP.N revealed on Monday that he has purchased about 50,000 shares of the book retailer just two days after the stock hit its lowest level in almost seven years.

In a U.S. Securities and Exchange filing, George Jones disclosed he bought the stock last Friday for prices that averaged from $13.33 to $13.45.

Borders’ stock fell to $12.07 last Wednesday — its lowest level since January 2001 — as the second-largest U.S. bookseller has been under pressure from several consecutive quarterly losses.

Borders shares are down nearly 34 percent year-to-date, compared to rival Barnes & Noble Inc (BKS.N), whose shares have lost just about 6.5 percent over the same period.

In August, Borders said it was on track toward its long-range sales goals, despite a second-quarter loss.

According to filing tracker InsiderScore.com, the buy was Jones’ first open-market purchase since Jones joined the company in July 2006.

The stock brought his total holdings to 121,184 shares, according to the filing.

Borders shares closed up 14 cents, or 1.1 percent, at $13.47 on the New York Stock Exchange after the filing on Monday. (Reporting by Emily Chasan, editing by Richard Chang; Reuters Messaging: rm://emily.chasan.reuters.com@reuters.net;Tel: +1 646 223 6114))

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