Borders’ Q1 loss narrows

Ann Arbor, Mich. Borders Group's fiscal first-quarter loss narrowed as its cost-cutting offset a 16% drop in revenue.

The company lost $64.1 million for the period that ended May 1, compared with a loss of $86 million in the year-ago period.

Revenue fell 16% to $547.2 million, from $650.2 million. Same-store sales were down 11.4%.

Last week, Borders received $25 million from financier Bennett LeBow, who will become the book seller's chairman and biggest shareholder with a 15.5% stake.