Borders’ woes continued in April as their losses mounted, PW reports.
Borders lost more money in April than it did in March, according to statements filed with the bankruptcy court Friday. The company had a loss from continuing operations of $32.1 million in the month, and when reorganization costs are added in lost a total of $132 million. Sales in the March 27-April 30 period were $101 million and other revenue of $72.1 million making for total revenue of $173.1 million.
Borders filed for bankruptcy earlier this, closed a bunch of stores, and is still bleeding cash, thanks to years of mismanagement.
Meanwhile, as if to thumb its nose at Borders, which is desperate for a sale, B&N just got a $1 billion purchase offer from Liberty Media.
Heidi MacDonald is the founder and editor in chief of The Beat. In the past, she worked for Disney, DC Comics, Fox and Publishers Weekly. She can be heard regularly on the More To Come Podcast. She likes coffee, cats and noble struggle.