With its going-out-of-business sales kicking in over the last 10 days of July, total revenue at Borders Group hit $152.2 million in the June 26-July 30 period, the company reported Monday. In June total revenue at the chain was $90.1 million. The retailer began running its liquidation sales July 21.
The most significant increase came in other revenue, which rose to $57.5 million from $3.5 million. Sales increased to $94.7 million from $86.6 million. A steep increase in the cost of merchandise—due to reducing the value of inventory—plus the write-down of more assets resulted in a net loss of $328.2 million. At the end of July, Borders said it had merchandise inventories worth $208.5 million and $62.8 million in accounts receivable. A month earlier, Borders had $431.7 million in inventories.
