Brighter Story Line For Borders?
The Ann Arbor, Mich.-based company says its loss for the quarter was $39 million, essentially flat with last year's loss. Comparable store sales for its Borders superstores fell 12.8%, and 7.7% at its Waldenbooks division.
"Borders has successfully reduced debt, improved operating cash flow, lowered expenses, and improved inventory productivity during a time of extreme economic challenge," the company says in its release. Debt was reduced by 34.2%, and the company says it is on track to cut 2009 expenses by $140 million.--Sarah Mahoney