The group acquired the Borders brand over a year ago. Mr Chou declined to confirm how much it cost, though Popular Holdings would have had to top a US$200,000 (S$254,644) bid by Malaysia's Berjaya Books, according to a 2011 report in industry magazine Publisher's Weekly.
Get the full story from The Straits Times.
Here is the full statement from Popular Holdings:
Popular Holdings Limited has announced that it will be closing its flagship Prologue store at ION Orchard and opening a Borders bookstore in Singapore before the end of the year.
Unfortunately, Popular made the tough decision to close the Prologue bookstore at ION Orchard. The closing down sale has begun and it is the last chance for booklovers to grab products at attractive discounts. The last day of business will be August 25, 2013.
Our Prologue store in Orchard Central will remain open.
Popular remains committed to the book industry. We will be soft-launching Borders in Singapore with the Borders Fair at the first-ever Gadgets & Write Fest, to be held at Singapore Suntec Hall 401-404 from 2 to 11 August 2013. Visitors to the Borders Fair will enjoy a selection of books representative of the books that will be featured in our upcoming new store opening.
"We are delighted to welcome an internationally recognised book retail brand as part of the Popular family," said Mr Chou Cheng Ngok, Group CEO Executive Director, Popular Holdings.
"Though the book business is often labelled a sunset industry, retail and distribution combined are one of Popular's strongest core businesses. We expect to gain both mindshare and market share among Singapore's book-lovers with Borders."