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After 13 years in Gaithersburg, bookstore operator Borders Group is closing its Borders Books and Music store at Gaithersburg Square, a spokeswoman said Dec. 10.

The store, which opened in 1995, will likely close in early January, said Bonnie Schmick, a spokeswoman for the Ann Arbor, Mich., company.

"That store hasn't met our sales expectations," she said. "It no longer worked for us."

No other Borders stores in Maryland are targeted to close, Schmick said. The company has 11 other Borders "superstores" in the state, including in Kensington and Germantown. It also has 11 Borders Express and Waldenbooks sites, which are smaller bookstores usually in malls.

This week, Borders reported that companywide revenue was down 9 percent for its third quarter from a year ago, to $693 million. The bookseller posted a net loss of $175.4 million, greater than the $161.1 million loss a year earlier.

Comparable store sales for Borders superstores decreased by 12.8 percent in the third quarter. Same-store sales at Waldenbooks declined by 7.7 percent.

The company opened two new Borders superstores in the U.S. and closed one during the quarter, ending the third quarter with a total of 519 domestic superstores, up from 510 a year ago. In first nine months this year, Borders opened 11 new stores and closed one nationwide.

The number of Waldenbooks nationwide has declined to 467 from 521 a year ago. In the first nine months, the company opened five new ones and closed 28.

Borders regularly assesses its stores' performance, Schmick said. "This didn't happen overnight."

Borders' stock price has dropped by 91.5 percent in the past year and was at 99 cents a share on Wednesday.

The company reduced its debt, improved operating cash flow and lowered expenses during the difficult third quarter, CEO George Jones said in a statement. "We stated at the beginning of this year that strengthening our balance sheet is our top priority, and we are delivering results," he said. "All of the changes we are making will position Borders Group to compete more effectively."

The company expects to save $70 million this year through reducing operating costs.

Barnes and Noble, a New York competitor that also has numerous stores in Maryland, including in Gaithersburg and Rockville, reported last week that sales for the third quarter declined by 4.4 percent from a year ago, to $1.1 billion. The company had a loss of $18.4 million in the quarter, after showing a profit of $4.4 million a year ago.

Barnes and Noble's stock dropped 52 percent in past year but was at $16.63 on Wednesday, an increase from $10.77 a week ago.

Steve Riggio, CEO of Barnes & Noble, said in a statement that the bookseller is "taking measures to reduce expenses for the balance of this year and next."