Page last updated at 09:54 GMT, Wednesday, 26 November 2008

Borders Inc ' no longer for sale'

Borders sold its UK business in 2007

US-based bookseller Borders has said it is no longer for sale despite reporting widening third-quarter losses.

It posted a net quarterly loss of $175.4m (113m), or $2.90 per share, as against $161.1m, or $2.74 per share, in the third quarter of last year.

But it said applying a range of restructuring measures in the past year will allow the company to stand on its own despite the downturn.

"We have smiles on our faces", Borders chief executive George Jones said.

Like-for-like sales dropped 12.8% in Borders superstores, with revenue falling to $693m from $765m during the same quarter last year.

The news sent Borders share down 52% in after-hours trading.

The Michigan-based bookseller is still considering selling its stationery business to Pershing Capital Management for $65m.

In March, Borders said it had been evaluating a sale of its core business after facing increasing difficulties in accessing funds.

Since then it has cut staff, sold some business units and dramatically reduced unsold stock.

Borders sold its Borders and Books Etc branches in the UK and Republic of Ireland to private equity group Risk Capital Partners in 2007.

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