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Borders Installs New Management Team Holiday Sales Down 11.7% Date: 1/6/2009 |
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Borders Group announced today that it was appointing Ron Marshall, an experienced turnaround hand, as CEO and made a number of other management moves. It also reported that sales for the nine week holiday period were down 11.7% over-all. Marshall most recently ran a private equity firm he managed, but prior to that turned around the $5 billion food distribution and retail organization Nash Finch Company, and was EVP and CFO during a turnaround of $4 billion supermarket retailer Pathmark Stores. Earlier in his career, Marshall also had stints with Crown Books and Barnes & Noble college bookstores. Marshall replaces George Jones, who was Borders? CEO since July 2006. Borders also appointed a new CFO, new EVP of Merchandising and Marketing, and a new Chief Administrative Officer. The company?s 11.7% holiday sales decline saw Borders superstore same store sales drop 14.4%, with the book category down 11%. Waldenbooks same store sales were down 8%. International sales were down the least, at 1.4%. Borders has received two listing notices from the New York Stock Exchange. Its price is below $1.00 a share, which must be corrected within six months; and its market capitalization is approaching the mandated low of $25 million over a 30 day period. The market cap requirement does not have a cure period, but at today?s price the market cap is above the minimum. |
| Source: ICv2 |
