Barnes & Noble

(courtesy of Borders Group/photo credit: Laszlo Regos)

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:

Ildar Sagdejev / creative commons

Update: 2:12pm:

Since we posted this story we found this analysis piece by Sarah Weinman of Daily Finance News. She also calls the notion that Borders Books could buy Barnes & Noble a story that has "entertainment value" not much more. Weinman says of Borders Books:

"If a merger was its plan for saving itself, expect B&N's rejection of the deal to accelerate its downward spiral -- an end that, sadly for the publishing industry, is likely to come sooner rather than later."