<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">







<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on November&nbsp;10, 2004



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-______


<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933


<P align="center" style="font-size: 24pt"><B>BORDERS GROUP, INC.</B>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Michigan<BR>
(State or Other Jurisdiction<BR>
of Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38-3294588<BR>
(I.R.S. Employer Identification No.)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">100 Phoenix Drive<BR>
Ann Arbor, Michigan 48108<BR>
(Address of Principal Executive Offices) (Zip Code)



<P align="center" style="font-size: 10pt">Borders Group, Inc. Non-Qualified Deferred Compensation Plan<BR>
(Full Title of the Plan)



<P align="center" style="font-size: 10pt">Thomas D. Carney, Esq.<BR>
Vice President, Secretary and General Counsel<BR>
Borders Group, Inc.<BR>
100 Phoenix Drive<BR>
Ann Arbor, Michigan 48108<BR>
(Name and Address of Agent For Service)<BR>
(734)&nbsp;477-1100<BR>
(Telephone Number, Including Area Code, of Agent For Service)



<P align="center" style="font-size: 10pt"><B>CALCULATION OF
REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="20"><HR size="2" noshade></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount To Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title Of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount Of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>To Be Registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unit(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee(3)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="20"><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Borders Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">4,700,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">4,700,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Non-Qualified<br>
Deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Compensation Plan<br>
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="20"><HR size="4" noshade><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borders Group, Inc. Non-Qualified Deferred Compensation Plan
Obligations are unsecured obligations of Borders Group, Inc. to pay deferred
compensation in the future in accordance with the terms of the Borders Group,
Inc. Non-Qualified Deferred Compensation Plan.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee in
accordance with Rule 457(h) under the Securities Act of 1933.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;457(p), the entire registration fee otherwise due in
respect of this Registration Statement has been offset by the registration fee
previously paid by Borders Group, Inc. in connection with its Registration
Statement on Form S-8 (Registration No.&nbsp;333-63054) initially filed by Borders
on June&nbsp;14, 2001, under which $3,141,738 of deferred compensation plan
obligations remain unsold under the plan.</TD>
</TR>

</TABLE>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="k89450exv5w1.htm">Opinion of Thomas D. Carney, Vice President</A></TD></TR>
<TR><TD colspan="9"><A HREF="k89450exv23wa.htm">Consent of Ernst & Young LLP</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt">PART II


<!-- link1 "INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;3. Incorporation of Documents by Reference.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borders Group, Inc. (the &#147;Company&#148;) hereby incorporates by reference in
this Registration Statement the following documents previously filed with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Company&#146;s Annual Report on Form 10-K for the fiscal year ended
January&nbsp;25, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;All other reports filed by the Company pursuant to Section 13(a) or
15(d) of the Exchange Act since the end of the fiscal year covered by the
Annual Report referred to in (1)&nbsp;above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information in Current Reports on Form 8-K furnished to the Commission,
including under Item&nbsp;9 or 12 of Form 8-K (prior to August&nbsp;23, 2004) or Item
2.02 or 7.01 of Form 8-K (on or subsequent to August&nbsp;23, 2004),
prior, on or
subsequent to the date hereof is not being and will not be incorporated herein
by reference.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed with the Commission by the Company
pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated herein by reference and to
be a part hereof from the dates of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in
any other subsequently filed document which also is incorporated or deemed to
be incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration Statement.

<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;4. Description of Securities.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Borders Group, Inc. Non-Qualified Deferred Compensation Plan
(the &#147;Plan&#148;), certain management and highly compensated employees of the
Company and certain of its subsidiaries may defer a portion of their annual
compensation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts deferred by a participant under the Plan will be credited by book
entry to the participant&#146;s Plan account. The Plan permits the Company to make
discretionary contributions and matching discretionary contributions to an
employer contribution account maintained for each Plan participant. The
Company is not required to make any discretionary contributions or matching
discretionary contributions. The value of a participant&#146;s Plan accounts will
be based on the performance of benchmark investment funds selected by the
participant under the Plan for purposes of accounting (as if the deferred
compensation had been so invested) and not for actual investment. Since no
participant deferrals or discretionary contributions or matching discretionary
contributions made by the Company actually will be invested in any investment
fund, participants will not have any ownership interest in any investment fund.
The Board of Directors of the Company has the sole discretion to determine the
alternative benchmark investment funds available under the Plan as the
measurement mechanism to determine the rate of return on amounts deemed
invested in accordance with the terms of the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Company under the Plan (the &#147;Obligations&#148;) are
unsecured general obligations to pay in the future the value of the vested
deferred compensation accounts adjusted to reflect the performance of the
selected measurement investment funds in accordance with the terms of the Plan.
The Obligations will rank without preference with other unsecured and
unsubordinated indebtedness of the Company from time to time outstanding and
are, therefore, subject to the risks of the Company&#146;s insolvency.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is not required to fund or otherwise segregate assets to be
used for the payment of the Obligations. Notwithstanding the foregoing, the
Company may establish a trust to hold assets to be used for


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">payment of Obligations. The assets held by such trust will be subject to
the claims of the Company&#146;s general creditors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations are generally payable under the Plan upon (i)&nbsp;termination of
employment, (ii)&nbsp;death or disability, and (iii)&nbsp;a determination by the Company
that a participant has suffered an unforeseeable emergency, and (iv)&nbsp;the prior
election of the participant, during the first quarter of any year designated by
the participant beginning at least one full year after the year in which
amounts were deferred into such account or upon a change in control of the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations cannot be assigned, alienated, pledged or encumbered. The
Obligations are not convertible into any security of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may amend the Plan from time to time, except that no such
amendment may reduce the value of a participant&#146;s vested account balances to
less than the amount (as subsequently adjusted for earnings and losses) he
would be entitled to receive if he had resigned on the day of the amendment.

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;5. Interests of Named Experts and Counsel.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities being registered hereby will be passed upon
for the Company by Thomas D. Carney, Esq., Vice President, Secretary and
General Counsel of the Company. As of the date of this Registration Statement,
Mr.&nbsp;Carney beneficially owns 18,131 shares of Common Stock of the Company and
holds options to purchase 98,000 additional shares of Common Stock. Mr.&nbsp;Carney
is eligible to participate in the Plan and may receive benefits under the Plan.

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;6. Indemnification of Directors and Officers.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VIII of the Company&#146;s Restated Articles of Incorporation provides
that the Company shall indemnify its directors and officers to the fullest
extent authorized or permitted by the Michigan Business Corporation Act (the
&#147;MBCA&#148;), and such right to indemnification shall continue as to a person who
has ceased to be a director or officer of the Company. The Company is not
obligated to indemnify any director or officer in connection with a proceeding
initiated by such person unless the proceeding was authorized and consented to
by the Board of Directors or unless the proceeding is to enforce rights to
indemnification. The Company may, by action by the Board of Directors, provide
rights to indemnification to employees and agents similar to the foregoing
indemnification of directors and officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Sections&nbsp;561, et seq., of the MBCA, a corporation may indemnify a
director, officer, employee or agent of the corporation (or of another entity
if such person is serving in such capacity at the corporation&#146;s request) who
was or is a party or is threatened to be made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative or investigative and whether formal or informal, other than an
action by or in the right of the corporation, by reason of the fact that he or
she is or was a director, officer, employee or agent of the corporation (or
such other entity) against expenses, including attorneys&#146; fees, judgments,
penalties, fines and amounts paid in settlement actually and reasonably
incurred by him or her in connection with such action, suit or proceeding if
the person acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the corporation or its
shareholders, and with respect to any criminal action or proceeding, if the
person had no reasonable cause to believe his or her conduct was unlawful. In
the case of an action brought by or in the right of the corporation, the
corporation may indemnify a director, officer, employee or agent of the
corporation (or of another entity if such person is serving in such capacity at
the corporation&#146;s request) against expenses, including attorneys&#146; fees, and
amounts paid in settlement actually and reasonably incurred by the person in
connection with the action or suit, if the person acted in good faith and in a
manner the person reasonably believed to be in or not opposed to the best
interests of the corporation or its shareholders, except that no
indemnification shall be made for a claim, issue or matter in which the person
has been found liable to the corporation unless a court determines that,
despite the adjudication of liability but in view of all the relevant
circumstances, such person is fairly and reasonably entitled to indemnification
for such expenses as the court shall deem proper. Reasonable expenses
(including attorneys&#146; fees) incurred by a director, officer, employee or agent
in


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">defending any civil, criminal, administrative or investigative action,
suit or proceeding may be paid by the corporation in advance of the final
disposition of such action, suit or proceeding upon receipt of a written
undertaking by or on his or her behalf to repay the advance if it is ultimately
determined that he or she is not entitled to be indemnified by the corporation
and a written affirmation by such person of his or her good faith belief that
he or she is entitled to indemnification under the standards of conduct of the
statute.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies of insurance will be maintained by the Company under which
directors and officers of the Company will be insured, within the limits and
subject to the limitations of the policies, against certain expenses in
connection with the defense of actions, suits or proceedings, and certain
liabilities which might be imposed as a result of such actions, suits or
proceedings, to which they are parties by reason of being or having been a
director or officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VII of the Company&#146;s Restated Articles of Incorporation provides
that no director shall be personally liable to the Company or its shareholders
for monetary damages for breach of fiduciary duty as a director, except for
liability for (i)&nbsp;any breach of the director&#146;s duty of loyalty to the Company
or its shareholders, (ii)&nbsp;acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii)&nbsp;a violation of
Section 551(l) of the MBCA or (iv)&nbsp;any transaction from which the director
derived an improper personal benefit.

<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;8. Exhibits.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1(1)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Restated Articles of Incorporation of Borders Group, Inc.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2(2) </TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Restated Bylaws of Borders Group, Inc.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Opinion of Thomas D. Carney, Vice President, Secretary and General Counsel of the Company,<br>
with respect to the legality of the securities being registered hereunder.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23(a)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Consent of Ernst &#038; Young LLP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23(b)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Consent of Thomas D. Carney (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24.1</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Power of Attorney (included in the signature page).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Incorporated by reference from the Company&#146;s Annual Report on Form 10-K for the year ended<br>
January&nbsp;24, 1999 (File No.&nbsp;1-13740).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Incorporated by reference from the Company&#146;s Annual Report on Form 10-K for the year ended<br>
January&nbsp;28, 2001 (File No.&nbsp;1-13740).</TD>
</TR>

</TABLE>
<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">Item&nbsp;9. Undertakings.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in


<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the aggregate, the changes in volume and price represent no more than a 20
percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration
statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this
registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer, or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Ann Arbor, State of Michigan, on this 10th day of
November, 2004.

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">BORDERS GROUP, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/
Edward W. Wilhelm
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Edward W. Wilhelm&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Senior Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt">POWER OF ATTORNEY




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Borders Group, Inc., hereby
severally and individually constitute and appoint Gregory P. Josefowicz and
Thomas D. Carney, and each of them, the true and lawful attorneys and agents of
each of us to execute in the name, place and stead of each of us (individually
and in any capacity stated below) any and all amendments to this Registration
Statement on Form S-8, and all instruments necessary or advisable in connection
therewith, and to file the same with the Securities and Exchange Commission,
each of said attorneys and agents to have power to act with or without the
other and to have full power and authority to do and perform in the name and on
behalf of each of the undersigned every act whatsoever necessary or advisable
to be done in the premises as fully and to all intents and purposes as any of
the undersigned might or could do in person, and we hereby ratify and confirm
our signatures as they may be signed by our said attorneys and agents and each
of them to any and all such amendments and other instruments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name </B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/  Gregory P. Josefowicz<BR>
<HR size="1" noshade>
Gregory P. Josefowicz</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman, President,<BR>
Chief Executive Officer and Director<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Edward W. Wilhelm<BR>
<HR size="1" noshade>
Edward W. Wilhelm</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Senior Vice President and Chief<BR>
Financial Officer (Principal<BR>
Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Joel J. Cohen<BR>
<HR size="1" noshade>
Joel J. Cohen</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Robert F. DiRomualdo<BR>
<HR size="1" noshade>
Robert F. DiRomualdo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Amy B. Lane<BR>
<HR size="1" noshade>
Amy B. Lane</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Victor L. Lund<BR>
<HR size="1" noshade>
Victor L. Lund</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Dr. Edna Greene Medford<BR>
<HR size="1" noshade>
Dr. Edna Greene Medford</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  George R. Mrkonic<BR>
<HR size="1" noshade>
George R. Mrkonic</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Lawrence I. Pollock<BR>
<HR size="1" noshade>
Lawrence I. Pollock</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/  Beth M. Pritchard<BR>
<HR size="1" noshade>
Beth M. Pritchard</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November 10, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;No.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Articles of Incorporation of Borders Group, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Bylaws of Borders Group, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Thomas D. Carney, Vice President, Secretary and General Counsel of the Company,<br>
with respect to the legality of the securities being registered hereunder.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Thomas D. Carney (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature page).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference from the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended<br>
January&nbsp;24, 1999 (File No.&nbsp;1-13740).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference from the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended<br>
January&nbsp;28, 2001 (File No.&nbsp;1-13740).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "k89450sv8.htm", "description": "REGISTRATION STATEMENT ON FORM S-8", "secsgml_size_bytes": 45613}]
{"company-data": {"conformed-name": "BORDERS GROUP INC", "cik": "0000940510", "assigned-sic": "5940", "irs-number": "383294588", "state-of-incorporation": "DE", "fiscal-year-end": "0126"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-120367", "film-number": "041133757"}, "business-address": {"street1": "100 PHOENIX DRIVE", "city": "ANN ARBOR", "state": "MI", "zip": "48108", "phone": "(734) 477-1100"}, "mail-address": {"street1": "100 PHOENIX DRIVE", "city": "ANN ARBOR", "state": "MI", "zip": "48108"}}
sv8
Table of Contents
As filed with the Securities and Exchange Commission on November 10, 2004
Registration No. 333-______
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
BORDERS GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Michigan
(State or Other Jurisdiction
of Incorporation or Organization)
38-3294588
(I.R.S. Employer Identification No.)
100 Phoenix Drive
Ann Arbor, Michigan 48108
(Address of Principal Executive Offices) (Zip Code)
Borders Group, Inc. Non-Qualified Deferred Compensation Plan
(Full Title of the Plan)
Thomas D. Carney, Esq.
Vice President, Secretary and General Counsel
Borders Group, Inc.
100 Phoenix Drive
Ann Arbor, Michigan 48108
(Name and Address of Agent For Service)
(734) 477-1100
(Telephone Number, Including Area Code, of Agent For Service)
CALCULATION OF
REGISTRATION FEE
Amount To Be
Proposed Maximum
Proposed Maximum
Title Of Securities
Registered(1)
Offering Price Per
Aggregate Offering
Amount Of
To Be Registered(1)
Unit(2)
Price(2)
Registration Fee(3)
Borders Group, Inc.
$
4,700,000
100
%
$
4,700,000
N/A
Non-Qualified
Deferred
Compensation Plan
Obligations
(1)
The Borders Group, Inc. Non-Qualified Deferred Compensation Plan
Obligations are unsecured obligations of Borders Group, Inc. to pay deferred
compensation in the future in accordance with the terms of the Borders Group,
Inc. Non-Qualified Deferred Compensation Plan.
(2)
Estimated solely for purposes of calculating the registration fee in
accordance with Rule 457(h) under the Securities Act of 1933.
(3)
Pursuant to Rule 457(p), the entire registration fee otherwise due in
respect of this Registration Statement has been offset by the registration fee
previously paid by Borders Group, Inc. in connection with its Registration
Statement on Form S-8 (Registration No. 333-63054) initially filed by Borders
on June 14, 2001, under which $3,141,738 of deferred compensation plan
obligations remain unsold under the plan.
TABLE OF CONTENTS
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
POWER OF ATTORNEY
EXHIBIT INDEX
Opinion of Thomas D. Carney, Vice President
Consent of Ernst & Young LLP
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Borders Group, Inc. (the "Company") hereby incorporates by reference in
this Registration Statement the following documents previously filed with the
Securities and Exchange Commission (the "Commission") under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"):
(1) The Company's Annual Report on Form 10-K for the fiscal year ended
January 25, 2004.
(2) All other reports filed by the Company pursuant to Section 13(a) or
15(d) of the Exchange Act since the end of the fiscal year covered by the
Annual Report referred to in (1) above.
Information in Current Reports on Form 8-K furnished to the Commission,
including under Item 9 or 12 of Form 8-K (prior to August 23, 2004) or Item
2.02 or 7.01 of Form 8-K (on or subsequent to August 23, 2004),
prior, on or
subsequent to the date hereof is not being and will not be incorporated herein
by reference.
All documents subsequently filed with the Commission by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated herein by reference and to
be a part hereof from the dates of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in
any other subsequently filed document which also is incorporated or deemed to
be incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Under the Borders Group, Inc. Non-Qualified Deferred Compensation Plan
(the "Plan"), certain management and highly compensated employees of the
Company and certain of its subsidiaries may defer a portion of their annual
compensation.
Amounts deferred by a participant under the Plan will be credited by book
entry to the participant's Plan account. The Plan permits the Company to make
discretionary contributions and matching discretionary contributions to an
employer contribution account maintained for each Plan participant. The
Company is not required to make any discretionary contributions or matching
discretionary contributions. The value of a participant's Plan accounts will
be based on the performance of benchmark investment funds selected by the
participant under the Plan for purposes of accounting (as if the deferred
compensation had been so invested) and not for actual investment. Since no
participant deferrals or discretionary contributions or matching discretionary
contributions made by the Company actually will be invested in any investment
fund, participants will not have any ownership interest in any investment fund.
The Board of Directors of the Company has the sole discretion to determine the
alternative benchmark investment funds available under the Plan as the
measurement mechanism to determine the rate of return on amounts deemed
invested in accordance with the terms of the Plan.
The obligations of the Company under the Plan (the "Obligations") are
unsecured general obligations to pay in the future the value of the vested
deferred compensation accounts adjusted to reflect the performance of the
selected measurement investment funds in accordance with the terms of the Plan.
The Obligations will rank without preference with other unsecured and
unsubordinated indebtedness of the Company from time to time outstanding and
are, therefore, subject to the risks of the Company's insolvency.
The Company is not required to fund or otherwise segregate assets to be
used for the payment of the Obligations. Notwithstanding the foregoing, the
Company may establish a trust to hold assets to be used for
Table of Contents
payment of Obligations. The assets held by such trust will be subject to
the claims of the Company's general creditors.
Obligations are generally payable under the Plan upon (i) termination of
employment, (ii) death or disability, and (iii) a determination by the Company
that a participant has suffered an unforeseeable emergency, and (iv) the prior
election of the participant, during the first quarter of any year designated by
the participant beginning at least one full year after the year in which
amounts were deferred into such account or upon a change in control of the
Company.
The Obligations cannot be assigned, alienated, pledged or encumbered. The
Obligations are not convertible into any security of the Company.
The Company may amend the Plan from time to time, except that no such
amendment may reduce the value of a participant's vested account balances to
less than the amount (as subsequently adjusted for earnings and losses) he
would be entitled to receive if he had resigned on the day of the amendment.
Item 5. Interests of Named Experts and Counsel.
The validity of the securities being registered hereby will be passed upon
for the Company by Thomas D. Carney, Esq., Vice President, Secretary and
General Counsel of the Company. As of the date of this Registration Statement,
Mr. Carney beneficially owns 18,131 shares of Common Stock of the Company and
holds options to purchase 98,000 additional shares of Common Stock. Mr. Carney
is eligible to participate in the Plan and may receive benefits under the Plan.
Item 6. Indemnification of Directors and Officers.
Article VIII of the Company's Restated Articles of Incorporation provides
that the Company shall indemnify its directors and officers to the fullest
extent authorized or permitted by the Michigan Business Corporation Act (the
"MBCA"), and such right to indemnification shall continue as to a person who
has ceased to be a director or officer of the Company. The Company is not
obligated to indemnify any director or officer in connection with a proceeding
initiated by such person unless the proceeding was authorized and consented to
by the Board of Directors or unless the proceeding is to enforce rights to
indemnification. The Company may, by action by the Board of Directors, provide
rights to indemnification to employees and agents similar to the foregoing
indemnification of directors and officers.
Under Sections 561, et seq., of the MBCA, a corporation may indemnify a
director, officer, employee or agent of the corporation (or of another entity
if such person is serving in such capacity at the corporation's request) who
was or is a party or is threatened to be made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative or investigative and whether formal or informal, other than an
action by or in the right of the corporation, by reason of the fact that he or
she is or was a director, officer, employee or agent of the corporation (or
such other entity) against expenses, including attorneys' fees, judgments,
penalties, fines and amounts paid in settlement actually and reasonably
incurred by him or her in connection with such action, suit or proceeding if
the person acted in good faith and in a manner he or she reasonably believed to
be in or not opposed to the best interests of the corporation or its
shareholders, and with respect to any criminal action or proceeding, if the
person had no reasonable cause to believe his or her conduct was unlawful. In
the case of an action brought by or in the right of the corporation, the
corporation may indemnify a director, officer, employee or agent of the
corporation (or of another entity if such person is serving in such capacity at
the corporation's request) against expenses, including attorneys' fees, and
amounts paid in settlement actually and reasonably incurred by the person in
connection with the action or suit, if the person acted in good faith and in a
manner the person reasonably believed to be in or not opposed to the best
interests of the corporation or its shareholders, except that no
indemnification shall be made for a claim, issue or matter in which the person
has been found liable to the corporation unless a court determines that,
despite the adjudication of liability but in view of all the relevant
circumstances, such person is fairly and reasonably entitled to indemnification
for such expenses as the court shall deem proper. Reasonable expenses
(including attorneys' fees) incurred by a director, officer, employee or agent
in
2
Table of Contents
defending any civil, criminal, administrative or investigative action,
suit or proceeding may be paid by the corporation in advance of the final
disposition of such action, suit or proceeding upon receipt of a written
undertaking by or on his or her behalf to repay the advance if it is ultimately
determined that he or she is not entitled to be indemnified by the corporation
and a written affirmation by such person of his or her good faith belief that
he or she is entitled to indemnification under the standards of conduct of the
statute.
Policies of insurance will be maintained by the Company under which
directors and officers of the Company will be insured, within the limits and
subject to the limitations of the policies, against certain expenses in
connection with the defense of actions, suits or proceedings, and certain
liabilities which might be imposed as a result of such actions, suits or
proceedings, to which they are parties by reason of being or having been a
director or officer.
Article VII of the Company's Restated Articles of Incorporation provides
that no director shall be personally liable to the Company or its shareholders
for monetary damages for breach of fiduciary duty as a director, except for
liability for (i) any breach of the director's duty of loyalty to the Company
or its shareholders, (ii) acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii) a violation of
Section 551(l) of the MBCA or (iv) any transaction from which the director
derived an improper personal benefit.
Item 8. Exhibits.
4.1(1)
Restated Articles of Incorporation of Borders Group, Inc.
4.2(2)
Restated Bylaws of Borders Group, Inc.
5.1
Opinion of Thomas D. Carney, Vice President, Secretary and General Counsel of the Company,
with respect to the legality of the securities being registered hereunder.
23(a)
Consent of Ernst & Young LLP.
23(b)
Consent of Thomas D. Carney (included in Exhibit 5.1).
24.1
Power of Attorney (included in the signature page).
(1)
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended
January 24, 1999 (File No. 1-13740).
(2)
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended
January 28, 2001 (File No. 1-13740).
Item 9. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in
3
Table of Contents
the aggregate, the changes in volume and price represent no more than a 20
percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration
statement.
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this
registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer, or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Ann Arbor, State of Michigan, on this 10th day of
November, 2004.
BORDERS GROUP, INC.
By:
/s/
Edward W. Wilhelm
Edward W. Wilhelm
Senior Vice President and Chief Financial Officer
POWER OF ATTORNEY
We, the undersigned officers and directors of Borders Group, Inc., hereby
severally and individually constitute and appoint Gregory P. Josefowicz and
Thomas D. Carney, and each of them, the true and lawful attorneys and agents of
each of us to execute in the name, place and stead of each of us (individually
and in any capacity stated below) any and all amendments to this Registration
Statement on Form S-8, and all instruments necessary or advisable in connection
therewith, and to file the same with the Securities and Exchange Commission,
each of said attorneys and agents to have power to act with or without the
other and to have full power and authority to do and perform in the name and on
behalf of each of the undersigned every act whatsoever necessary or advisable
to be done in the premises as fully and to all intents and purposes as any of
the undersigned might or could do in person, and we hereby ratify and confirm
our signatures as they may be signed by our said attorneys and agents and each
of them to any and all such amendments and other instruments.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
Name
Title
Date
/s/  Gregory P. Josefowicz
Gregory P. Josefowicz
Chairman, President,
Chief Executive Officer and Director
(Principal Executive Officer)
November 10, 2004
/s/  Edward W. Wilhelm
Edward W. Wilhelm
Senior Vice President and Chief
Financial Officer (Principal
Financial and Accounting Officer)
November 10, 2004
/s/  Joel J. Cohen
Joel J. Cohen
Director
November 10, 2004
/s/  Robert F. DiRomualdo
Robert F. DiRomualdo
Director
November 10, 2004
/s/  Amy B. Lane
Amy B. Lane
Director
November 10, 2004
/s/  Victor L. Lund
Victor L. Lund
Director
November 10, 2004
/s/  Dr. Edna Greene Medford
Dr. Edna Greene Medford
Director
November 10, 2004
/s/  George R. Mrkonic
George R. Mrkonic
Director
November 10, 2004
/s/  Lawrence I. Pollock
Lawrence I. Pollock
Director
November 10, 2004
/s/  Beth M. Pritchard
Beth M. Pritchard
Director
November 10, 2004
5
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description
4.1(1)
Restated Articles of Incorporation of Borders Group, Inc.
4.2(2)
Restated Bylaws of Borders Group, Inc.
5.1
Opinion of Thomas D. Carney, Vice President, Secretary and General Counsel of the Company,
with respect to the legality of the securities being registered hereunder.
23(a)
Consent of Ernst & Young LLP.
23(b)
Consent of Thomas D. Carney (included in Exhibit 5.1).
24.1
Power of Attorney (included in the signature page).
(1)
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended
January 24, 1999 (File No. 1-13740).
(2)
Incorporated by reference from the Company's Annual Report on Form 10-K for the year ended
January 28, 2001 (File No. 1-13740).