Borders reports operating loss
New York City — Borders on Friday reported a loss of $24.3 million for the month ended March 26, according to court papers, Bloomberg said.
The company’s most recent financial report filed before Friday showed a loss of $479.9 million for the year ended Jan. 29, on revenue of $1.67 billion.
The current report shows revenue of $165.2 million for the month ended March 26 and total assets of $942.2 million. Cash and equivalents are $80.9 million.
The financial report came after the U.S. Trustee, a bankruptcy watchdog for the Justice Department, raised doubt as to whether Borders can pay the costs accrued after its petition, or bankruptcy date, Bloomberg reported. The Trustee cited the lack of an operating report to show the company’s financial state, and said the company should be denied requests to pay lawyers and other professionals.
“It is impossible to determine if the debtors are paying their non-professional administrative expenses on a timely basis and have the financial wherewithal to pay the fees and expenses requested by their professionals,” lawyers for U.S. Trustee Tracy Hope Davis wrote in papers filed before Friday’s financial report.
Under an agreement with liquidators approved Feb. 17, Borders sold the content of some store locations in exchange for at least $155 million for the rights to sell all inventory at those stores.
Target donates $200K to support tornado relief efforts
MINNEAPOLIS –Target announced that it has donated $200,000 in cash to the American Red Cross to support tornado relief efforts in the Southern United States. An additional donation of more than $75,000 will include product and relief kits containing hygiene and food items that will be distributed to hardest-hit areas.
“When disaster strikes, Target listens and acts quickly to donate time, money and essentials to help support the needs of our communities,” said Gregg Steinhafel, chairman, president and CEO, Target. “Our thoughts are with the residents of these communities and we hope our donation will aid in the recovery.”
All Target stores in affected areas remain open to serve guests, and Target has allocated additional food, water and other disaster relief supplies to these stores to ensure residents have access to the supplies they need to begin the rebuilding effort, the company reported.
Walmart pledges $1 million for tornado relief
Bentonville, Ark. — Walmart announced that through its charitable arm, the Walmart Foundation, it is committing $1 million in cash and in-kind donations to support emergency relief efforts following the recent Southern storms, Midwest floods and Texas wildfires.
"Our thoughts are with those who have been impacted by the storms, tornados, floods and fires that have devastated many communities across the country. We have been in touch with emergency responders and are making sure essential items like food and water are available to those in distress," said Rosalind Brewer, executive vice president, Walmart East, Walmart U.S. "Our company has a longstanding commitment to helping in times of disaster. We will continue to monitor the situation to help ensure essential needs of all impacted communities are being met."
In addition to monetary contributions, the company’s donations will include critical supplies like water, food and first-aid kits delivered to organizations providing disaster relief in Alabama, Arkansas, Georgia, Illinois, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma, Tennessee, Texas and Virginia.