Report: Buyout firm in talks with Borders
New York City — Private equity firm Gores Group is in talks to buy more than half of Borders Group’s remaining stores, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Borders, which filed for Chapter 11 bankruptcy protection in February, would be able to continue operating as a going concern, according to the report.
Other suitors are also talking with Borders, the Wall Street Journal reported.
Target May comps miss forecast
MINNEAPOLIS — Target reported a 2.8% same-store sales increase for May, falling short of Wall Street’s expectation for a 3.5% increase, as consumers remained cautious. The retailer reported that net sales for the four-week period were $4.8 billion, an increase of 3.8%t from $4.6 billion for the four weeks ended May 29, 2010.
“May sales were near the low end of our expected range, driven by a much slower traffic trend in the second half of the month,” said Gregg Steinhafel, chairman, president and CEO of Target. “Our guests continue to shop cautiously in light of higher energy costs and inflationary pressures on their household budgets. As a result, we’re focused on delivering more value than ever by offering reliably low prices on high quality, well-designed merchandise both in our stores and at Target.com.”