In the wake of disappointing sales for the second quarter, Borders Group has announced plans to expand non-book products in many of their 679 stores.
CEO Mike Edwards said, “We are taking steps to transform our retail model, in part through high-impact strategic partnerships, like Build-A-Bear Workshop, that enable us to offer a compelling mix of lifestyle focused products. By offering a rich and relevant selection of product – both book and non-book – together with an exceptional customer experience, we will differentiate Borders from others in the marketplace.” Other planned additions include more stationery, educational games for children, puzzles and games for adults, and more bargain books.
The company reported an 11.5% decline in sales for the quarter ending July 31, with revenues of $526.1 million. They posted a loss of $51.6 million for continuing operations, up from $45.1 million the year before. Same-store sales declined by nearly 7%, though online sales did better, with a 56.2% increase to $15.5 million.