Borders loss widens in Q2
Ann Arbor, Mich. Borders Group reported Wednesday that its loss widened to $46.7 million in the second quarter, compared with a loss of $45.6 million last year.
The retailer cited lower revenue for the widened loss.
Revenue fell 12% to $526.1 million, from $594.2 million. Same-store sales fell 6.8%.
The bookseller said it will add more items besides books in its stores to boost revenue. It is turning its focus to the children’s department by adding more educational toys and games, as well as selling the Build-A-Bear craft kits, and has lowered e-reader prices to drive sales.
The company received a $25 million private investment last May from financier Bennett LeBow, who was named CEO. Borders sold off its Paperchase stationery unit earlier this summer in order to focus on shoring up its core book business.