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June sales beat expectations
WASHINGTON — Warm weather, lower gas costs and strong Father's Day promotions apparently put consumers in a spending mood in June, boosting retail sales for the 12th consecutive month and surpassing many analysts' expectations, according to the National Retail Federation.
Retail industry sales — which exclude automobiles, gas stations and restaurants — in June increased 0.3% seasonally adjusted from May, and 5.5% unadjusted year-over-year, according to NRF.
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Report: Borders deal on verge of collapse
New York — Najafi Cos., the private equity firm that tentatively agreed to purchase bankrupt Borders Group, is is reportedly no longer interested in Borders unless its conditions are met, The Wall Street Journal reported.
Najafi, which owns the Book of the Month Club, said in a statement that financial advisors “have elected another option which is in contrast to what he had envisioned for the future of Borders.”