• November 28, 2008

Borders Group, the struggling book chain, says that it reduced its debt in the third quarter and that it is no longer for sale, although results continued to be weak.

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