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Borders loss widens dramatically on charges

ANN ARBOR, May 26, 2009 (AP): Bookseller Borders says its net loss widened in its fiscal first quarter due to continually weakening sales and more than $70 million in after-tax charges.

The Ann Arbor-based company reported a loss of $86 million, or $1.44 per share, for the quarter, which ended May 2. That compares with a loss of $31.7 million, or 50 cents per share in the same period a year earlier.

Total sales fell more than 12 percent to $641.5 million.

Borders Group Inc. has struggled for years as shoppers turned to online and discount retailers for books. The problem worsened in the recession as consumers cut back on spending.






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