Borders® Partners with Chegg.com to Extend Online Textbook Rentals to Students
'Rentals Powered by Chegg' Gives Borders' Customers Access to Inventory of Millions of Textbook Rentals
Service complements Borders' total textbook offerings, which includes more than 1.4 million new and used textbooks and ability for students to sell back their used books
SANTA CLARA, Calif., Nov. 9, 2010 /PRNewswire/ -- Chegg.com the number one online textbook rental company, and Borders® (NYSE: BGP) today announced an exclusive partnership to bring textbook rentals through the Borders website to students nationwide.
"As a leader in our industry, we are committed to offering the best books and educational materials to our customers, and we're pleased to partner with an organization that shares that common vision," said Mike Edwards, CEO of Borders, Inc. "Chegg's expertise in the market is an important asset to our brand and we are excited to expand the Borders brand by offering textbook rentals."
Through the textbook rental partnership, Borders' customers have access to Chegg's inventory of millions of textbook titles, receive fast shipping and can return their books for free. Chegg will serve as the sole provider of textbook rentals through Borders.com, helping students save hundreds of dollars a year on textbooks.
The Chegg textbook rental feature is part of the new Borders Textbook Marketplace, which also features more than 1.4 million new and used titles. In addition to saving on their purchases, students can also earn extra cash by utilizing the site's used textbook buyback option.
"Through this partnership, we are extending the option to rent textbooks quickly, easily and more cost effectively to borders.com customers," said Dan Rosensweig, President and CEO of Chegg. "Our mission to make students' lives easier is in line with Borders' own commitment to offering the best books and educational materials to its customers."
Chegg's exclusive partnership with the book retailer comes on the heels of the company's $75 million round of funding, which it secured from Asia-based Ace Limited in September 2010, directly following the acquisition of educational website, CourseRank.com.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., through its subsidiaries Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expected," "planning," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, profitability, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its cost reduction initiatives and plans for store closings, and the expansion of product categories, including eBook content and eReaders. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.
These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital--including vendor credit--to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims, the performance of the company's information technology systems, the anticipated impact of our Borders Rewards and Borders Rewards Plus programs; and, with respect to eBook content and eReaders, the availability to the company of anticipated content levels and a variety of competitive devices.
The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.
Founded in July 2007, Chegg is the number one online textbook rental company that has saved students millions of dollars on more than 6,400 campuses nationwide. Students can access Chegg in a variety of ways: online at Chegg.com, from the Chegg iPhone app and on select campus bookstores through the Powered by Chegg program. As a part of the company's on-going environmental efforts, Chegg plants a tree every time a student rents through a partnership with American Forests' Global ReLeaf program. In addition, the company recently acquired course scheduling tool, CourseRank, to help students manage and plan their academic careers. The company has grown into a respected and trusted brand used by college students and was recently named to Time's Top 50 Websites. For more information, visit www.chegg.com.
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