Borders 'terminates' president and c.f.o.

Borders 'terminates' president and c.f.o.

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 accounting officer and controller, becoming its treasurer.

Etlin had been in her previous post at Borders since February 2011, and is a managing director of global business advisory firm AlixPartners, which has been advising the company since February 2011 when it filed for Chapter 11 bankruptcy. Tomaszewski has worked for Borders since 1998 within its financial reporting department.

Borders remaining 399 stores will be closed, with about 10,700 employees standing to lose their jobs.