Borders Books posts big 3rd quarter loss

Borders Books reported the company lost $74 million dollars in the 3rd quarter. That's about twice as much as Borders lost in the 3rd quarter of 2009. The Ann Arbor based book seller continues to struggle in a competitive market.

In a written statement, Borders Group CEO Mike Edwards conceded his company's struggles:

 "While we are disappointed with third quarter results, my management team and I continue to vigorously address these challenges and our commitment to winning at retail is stronger than ever."