Borders Narrows Loss

Borders narrows its first-quarter loss, but sales continue to decline.
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NEW YORK (

TheStreet

) --

Borders

(BGP)

narrowed its first-quarter loss, but it is still struggling with declining sales.

The bookseller recorded a loss of $64.1 million, or $1.07 a share, compared with a loss of $86 million, or $1.44, in the year-ago period.

Borders sales dropped 16% to $547.2 from $650.2, while same-store sales tumbled 11.4%.

Last week, Borders received a much-needed cash infusion of $25 million from financier Bennett LeBow, who as a result will become the company's biggest shareholder, overtaking William Ackerman.

Shares of Borders are inching up 0.4% to $2.30 in pre-market trading.

-- Reported by Jeanine Poggi in New York.

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