Fri, 05/08/2011 - 08:20
Borders US has "terminated" the employment of its president Michael J Edwards and executive vice president and chief financial officer Scott D Henry.
The company's senior vice president, restructuring, Holly Felder Etlin has been made president, with Glen Tomaszewski, previously the company's vice president, chief...
Wed, 16/02/2011 - 15:45
Borders US has filed for Chapter 11 bankruptcy, blaming a decrease in consumer spending, a lack of liquidity and ongoing discussions with publishers.
The widely expected move will mean Borders will try to restructure its business while continuing to trade online and in store. Among the initiatives that it is proposing, which require...
Mon, 17/01/2011 - 08:03
Borders Group is continuing talks to a secure a $500m credit line and has hired bankruptcy and restructuring lawyers, reports the Wall Street Journal. It has also begun to offer collateral along with the notes promising deferred payments to publishers, but the piece does not identify what this might be.
Borders has chosen law...
Wed, 12/01/2011 - 09:00
One of Borders US’ distribution centres is set to close this summer, as woes continue at the beleagured chain.
The Borders Books and Music distribution centre in LaVergne, Nashville, Tennessee will close in July, with 310 positions to be lost.
The closure comes after more than 200 jobs were previously cut at the centre, news...
Thu, 02/09/2010 - 09:32
Borders US has reported an increase in losses and a sharp plunge in revenue in its second quarter results.
For the quarter ending 31st July, the beleagured chain reports a fall of 11.9% in revenue to $530.4m, a slight improvement on last year's 18% slump. Gross margin dropped from 23% to 19.3% amid higher promotional discounts....
Tue, 24/08/2010 - 08:39
Borders' chief financial officer Mark Bierley has become the latest person to leave the business following a spate of recent redundancies.
Bierley will "pursue another employment opportunity", according to a Borders statement. Vice-president Glen Tomaszewski, a Borders veteran of 12 years, will act as interim c.f.o. The...
Thu, 01/04/2010 - 06:34
Borders US has cut its full-year losses by nearly a third and made a net income of nearly $60m (£39m) for the three months to 30th January, according to results released by the retailer today.
A new $90m loan has been taken out, $10m of which will be paid by the end of the year. It has also set up a new credit facility of $...
Thu, 04/02/2010 - 07:41
William Ackerman, c.e.o. of hedgefund Pershing Square Capital, has said Borders US is not a "likely bankruptcy".
Ackerman, whose company is Borders US' largest shareholder, also told CNBC's "Fast Money" show that he thinks the company has "stablised", reports Publishers Weekly.
Tue, 26/01/2010 - 15:00
Borders Group c.e.o. Ron Marshall has resigned after just over a year at the helm of the US bookchain.
He has taken the job as c.e.o. of another listed retailer, which has not yet been named. Marshall is assisting the company find a replacement, with Michael Edwards, executive vice president and chief merchandising officer, taking the...
Fri, 29/05/2009 - 05:07
Standard & Poor's Equity Research has downgraded the shares of bookseller Borders Group Inc to "Sell" from "Hold" on concerns about the company's weak sales and cash position, reports the Associated Press.
Earlier this week the US book chain reported a 12% drop in sales, but improved profits. S&P...