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March 5, 2009
Borders Books (NYSE:BGP) is laying off 742 employees at Borders superstores and Waldenbooks stores, the Ann Arbor company announced today.
The job cuts come on top of 136 layoffs, mostly at the Ann Arbor headquarters, made public in February. Borders also eliminated several executive positions and hired Ron Marshall, a former private equity executive, as its CEO earlier this year.
Of the layoffs announced today, 679 are from Borders superstores, and 63 from Waldenbooks. General managers will remain at the affected stores, but other leadership positions such as sales and inventory managers, and training or merchandising supervisors, were eliminated.
The moves were made, the company statement said, to "reset its superstore management structure to correspond to sales volume on a store-by-store basis.
Borders stock is trading at $0.51, down $0.05 today. The stock's 52-week high is $9.22.
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