Borders Bookstore No Longer For Sale

November 30, 2008 3:04 p.m. EST

Miami, FL (AHN) - Book-selling giant Borders has taken itself off the market despite significant third-quarter losses.

The company posted a net quarterly loss of $175.4 million, or $2.90 per share, compared with a $161.1-million loss in the second quarter.

But Borders said it has a variety of restructuring measures in place that will allow the company to press on despite the worsening worldwide financial crisis.

The company said it had lowered its debt by one-third, to $525.4 million, by reducing expenses and inventory levels.

"Our focus is paying down debt and improving our balance sheet," Chief Executive George Jones told the Wall Street Journal.

Borders, the second-largest U.S. bookstore, lowered its inventory by $304.2 million at the end of the third quarter compared with last year, according to the Wall Street Journal.

In a press release, Borders said its online business, Borders.com, made $12 million in sales for the third quarter. This was less than the company expected and it no longer expects the online venture to break even this year.