NEW YORK: Borders Group Inc. said Thursday its third-quarter loss roughly doubled as its traditional book sales continued to fall due to tough competition from online retailers and discount stores and growing challenges from electronic books.
The No. 2 traditional book seller in the U.S. also said the amount it can borrow under its credit facility has been reduced because the value of its inventory has fallen and it could violate its credit agreement by the next year's first quarter if its liquidity doesn't improve.
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