 However, these were sold off to Pacific Equity Partners (which owned rival Angus & Robertson) in 2008, then were later sold again to REDgroup Retail.The stores continued to operate under the Borders brand as the unaffiliated "Borders Asia Pacific" until RedGroup was placed into voluntary administration in February 2011; with the five New Zealand stores sold to the James Pascoe Group and the Australian stores gradually shut down, with the last group closing in July 2011.The original Borders bookstore was located in Ann Arbor, Michigan, where it was founded in 1971 by brothers Tom and Louis Borders during their undergraduate and graduate years at the University of Michigan.