Borders to sell Paperchase unit to pay down debt

Borders Group Inc. said Tuesday it will sell its Paperchase Products Ltd. stationery subsidiary to British private equity firm Primary Capital Ltd. for $31 million in order to reduce the retailer’s debt load.The move is Borders latest salvo in its ongoing effort to cut costs and improve profitability since financier Bennett LeBow invested $25 million in the struggling chain in May, becoming the company's largest shareholder, chairman and CEO.Borders said it will continue to buy and carry Paperchase products in its U.S. stores. The book retailer bought a majority interest in U.K.-based Paperchase in 2004 for $24.1 million.It will