The Ann Arbor-based has got a new C. E. O, Mr. Bennett S. LeBow. A while ago Mr. Bow had invested $25 million in the Company and became the largest shareholder of the chain.

Michael Edwards has been declared as the President of the Company. He had served as an interim CEO of the Company. Spokeswoman Mary Davis revealed that Mr. Edwards will run the daily operations of the Company.

Mr. Edwards told Reuters in an interview that the Company is going in for a makeover. Borders has been a witness to plummeting sales and market share in recent years as book selling is majorly done online these days.

In March, Borders repaid a loan to Pershing Square and secured access to $700 million in credit. This gave it a much needed breathing room as sought to implement its digital strategy.

On May 21, Mr. LeBow had bought 11.1 million shares for $2.25 each. In doing so, he acquired 18% stake in the company. Mr. LeBow is also the Chairman of Vector Group, which is a Miami-based holding company for cigarette maker Liggett Group. He became renowned in the 1980’s as he bought Companies like Western Union and restructured them.

Mr. Edwards further added, "Ben has a very sound financial background, understands capital markets, is very astute in managing liquidity in turnaround situations and has a very strong network”.