eBooks: Kobo Comments on Liquidation of Borders With Facts About Company

Borders has been one of Kobo’s partner in the U.S.

Now, with the Borders liquidation underway here are highlights from a news release from Kobo trying to clear up some inaccurate info that is being reported.

The management of Kobo, a global leader in eReading with over 4.2 million users in more than 100 countries worldwide, has issued comments relating to the ongoing liquidation of Borders to clarify misconceptions about Kobo that have been inaccurately reported by the media and misunderstood by consumers.

• 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.
• While Borders is one of the early investors in Kobo, it holds only a minority stake in Kobo, approximately 11 percent. The Borders shares are subject to the terms of the Kobo shareholders’ agreement which, among other things, restricts their transfer or disposition.
• Borders serves as part of Kobo’s distribution in the U.S. along with Best Buy, Walmart, Sears and other top retailers.
• Kobo does not rely on Borders for content.  Kobo owns the publishing agreements and has direct relationships with all major publishers, including Random House, Simon & Schuster, HarperCollins, St. Martin’s Press and many more.  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 some time, Kobo and Borders have been in the process of transitioning Borders’ customers’ eBook accounts to Kobo, in order to provide such customers direct access to the most up-to-date eReading functionality, apps and devices. All Borders customers that have transitioned to Kobo shall enjoy uninterrupted access to their e-Reading accounts. Kobo shall continue to work with Borders to transition customer accounts to Kobo. 
• For those Borders customers who haven’t transferred their eBook libraries to Kobo, the process is quick and easy.  Borders customers can visit kobo.to/bmigrate to transfer their Borders eBook library to Kobo. No additional steps are required to continue reading on your Kobo eReader. For those Borders customers that are using Borders apps to access their eBook libraries, visit kobo.com to download a free Kobo eReading app for your computer, smartphone or tablet.

Read the Complete Announcement

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