Tuesday, August 23, 2011

With Writedowns, Borders Loses $328 Million In July

Borders filed their monthly operating report for July with the bankruptcy court, reporting sales of $94.7 million and other revenue of $57.5 million for the month. Regular SGA expenses were $38.2 million, but they took two large writedowns--one against "all long-lived assets," for $135.2 million, plus the fully-loaded "cost" of the merchandise sold was $284.7 million (or $132.5 million more than sales for the month). All told, they recorded an operating loss of $305.9 million on their books for the month, and a total net loss of $328.2 million.

*From today's issue of Publisher's Lunch

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