Tags: US | Borders | Outlook

Borders Shares Rise After Financing Deal

Thursday, 01 Apr 2010 12:39 PM

 

Borders shares are up by nearly half on Wednesday's announcement of new financing and a plan to revive sales.

The nation's No. 2 traditional book seller says it will boost expand its e-bookstore, revamp its loyalty program and improve its in-store book assortment.

Borders' shares rose 82 cents Thursday, or 47.7 percent, to $2.54 at midday Thursday.

Sales have been Borders' weak spot. The company said Wednesday that sales in stores open at least a year fell 14 percent for its most recent quarter — compared with 5 percent at No. 1 Barnes & Noble.

Interim CEO Mike Edwards said the company will launch an e-book reader with access to 2 million books that is compatible Apple's the iPad.

Borders is based in Ann Arbor, Mich.

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