Book seller Borders' fiscal 1st-qtr loss narrows

ANN ARBOR, Mich. (AP) - Borders Group says its fiscal first-quarter loss narrowed as the nation's second-largest traditional book seller cut costs to offset a 16 percent drop in revenue.

The company, based in Ann Arbor, Mich., says it lost $64.1 million, or $1.07 per share, for the period that ended May 1, compared with a loss of $86 million, or $1.44 per share, a year earlier.

Its revenue fell 16 percent to $547.2 million from $650.2 million.

Borders has been struggling with weak sales as it faces tough competition from discount stores and online retailers.

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