Borders' Losses for July Total US$328 Million
posted on by Lynzee Loveridge
The American bookstore chain Borders' monthly report to its bankruptcy court revealed a loss of US$328 million for the month of July. The retail chain's sales were US$94.7 million with US$114.5 million in cash and US$208.5 million in inventory.
The chain first filed for bankruptcy in February. The bankruptcy came after a string of difficulties for Borders, including the departure of two of its executives and delay of payments to publishers, followed by additional layoffs and an attempt to convince publishers to treat its debts as loans, which failed.