As I've written several times, Borders Group Inc. (NYSE: BGP), has been struggling mightily lately to revitalize itself amid stiff competition from companies like Wal-Mart Stores Inc. (NYSE: WMT) and Amazon.com (NASDAQ: AMZN). Slashing the rewards program seemed like a strange way to try to increase customer loyalty, and some have suggested that the best thing for the company's future would be to arrange a merger with Barnes & Noble Inc. (NYSE: BKS).

For now, Borders shareholders will have to settle for a much less exciting form of change: the company announced that it will be selling most of its British and Irish subsidiaries to Risk Capital Partners, a private equity firm, for a base price of $20 million, with a possible earn-out that could double the total value of the deal. Borders will maintain a 17% stake in the newly private subsidiaries.

According to Reuters, " Another private equity firm, Pacific Equity Partners, has bid for Borders' Australian and New Zealand stores in a deal expected to be worth more than A$100 million ($87 million)."

Borders is planning to launch its own e-commerce site to compete with Amazon, but it's hard to imagine what the company's competitive advantage will be there. Borders is a struggling company with no clear plan for its future, and is currently closing in on a 10-year low.