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Borders Update

As reported in sales at Borders fell by 10% in the third quarter to $693.4 million, resultiing in a net loss of $172.2 million for the period.

And in terms of being for sale? Well, that’s now a thing of the past:

Borders also announced that it is no longer for sale. Company CEO George Jones said that after completing a thorough review of its options, the company determined it was best 鈥渢o remain as we are,鈥 adding that he was 鈥渜uite pleased鈥 that the review is over and that Borders will remain an independent, publicly-traded company. The company still has the option to sell its Paperchase division to Pershing Square Capital, Borders鈥檚 largest shareholder, for $65 million. That option expires Jan. 15. The company said it is talking to Pershing about different financing arrangements.

In case you’re interested in buying some Borders stock, at this very moment, it’s listing for which is $0.26 higher than the 52-week low.



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