• April 1, 2010

While sales at Borders sank in the fourth quarter, there was plenty of good news from the Ann Arbor, Mich.-based retailer, including a jump in profits and a restructured debt agreement.

For the quarter, sales fell 13.3% to $937.3 million, including a 14% slide in comparable-store sales at Borders, and an 8.5% dip in comparable-store sales at its Waldenbooks unit. Income from continuing operations more than doubled to $59.9 million, from $28.9 million in the same period a year ago.

"Restoring the financial health and profitability of the company remains our top priority," Interim President/CEO Mike Edwards says in its release, adding that with the debt restructuring behind it, the chain can shift its focus to " growing market share by acquiring, engaging and retaining customers through a transformation of the Borders brand."--Sarah Mahoney