In April, Borders Has $32.1 Million Operating Loss--And $132.2 Million Total Loss
From Publishers Lunch:
Borders reported sales of $101 million for the month of April and "other revenue" (primarily from the liquidators) of $72.1 million--producing an operating loss of $32.1 million.
But they lost another $98.4 million in "reorganization items" that includes "amounts related to estimated claims arising from the closure of certain stores and the rejection of related leases." The total one-month tally is sales of $173.1 million, and a net loss of $132.2 million.
In yet another statement of the obvious, which seems to be the fashion in these bewildering times, Farmington Hills turnaround expert Ken Dalto remarked, "That is a disaster for a month. Their inability to make money is significant. A continuing operating loss of that magnitude means they won't emerge from bankruptcy as a successful company."