As talks progress about the sale of most of its assets, Borders Group reported that its net loss in the May 1 to May 28 period was $35.4 million, down substantially from the $132.2 million the chain lost in April. Revenue also dropped significantly as sales from the going-out-of-business sales fell to $15.5 million from $72.1 million in April. Sales from going forward stores dropped to $81.6 million in May from $101.0 million in April. The company's loss from ongoing operations was also reduced in the period to $18.1 million from $32.1 million.
Reorganization charges took a huge decline in May, falling from $98.4 million in April to $17.3 million. The company has argued in court papers that the impact of its downsizing efforts would not be visible until May and Borders has at least dramatically slowed the bleeding. At the end of May, Borders' balance sheet showed cash on hand of $19.1 million and total assets of $714.3 million, a figure the includes $444.7 million in inventory. Total liabilities were $1.09 billion.In April Borders had $16.9 million in cash, assets of $736.7 million and liabilities of $1.07 billion.