in an attempt to launch a successful book division, Kmart acquired Waldenbooks in 1984 and Borders in 1992. Kmart had had trouble managing Waldenbooks and hoped that Borders senior management could help improve the operations of its fledgling book division. instead, many Borders senior managers left Kmart. By 1995, Kmart was experiencing its own financial difficulties. In its efforts to shed unprofitable assets, Kmart allowed Borders to buy itself out. The new company came to be known as the Borders Group.