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Borders calls objections from creditors irrelevant
New York City -- Borders Group said objections from creditors are irrelevant because the company’s liquidation means it will not carry on any contracts with business partners, Bloomberg reported.
Borders is due to seek court approval Thursday to liquidate its 399 remaining stores. The approximate 99 objections from creditors should be overruled, the company said in court papers, as it does not plan to keep or transfer any contracts or leases, the report said.
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Wal-Mart de Mexico Q2 profit drops on store openings
New York City -- Wal-Mart de Mexico SA said second-quarter profit fell 3.4% as the chain increased spending to open new stores and integrate Central American operations.
The Mexican unit of Wal-Mart Stores reported a net income of 4.49 billion pesos ($380 million) in the April-June period, down from 4.65 billion pesos during the same three months of 2010. Revenue rose 9% to 88.37 billion pesos ($7.49 billion).
CEO Scot Rank says spending to open new stores cut into profits but will help performance in the second half of the year.