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Anime News

Borders Lays Off 45 at HQ Stock Plunges 16%
Date: 1/18/2011
The cash-strapped Borders Group has cut 45 positions at its Michigan headquarters in an attempt to control costs. The recent job cuts come from various areas in the company?s operations including human resources, finance, merchandising and distribution. The latest round of cuts comes on the heels of an announcement last week that the nations #2 traditional bookseller was closing a Tennessee distribution center and laying off over 300 employees (see ?Borders Retains Bankruptcy Counsel & Cuts Employees?).

With investors nervous about Borders retaining Bankruptcy counsel and setting a February 1st deadline for publishers to turn debt into loans, (see ?Borders Sets Deadline for Publishers?), the company?s common stock dropped 16% on in trading on Tuesday.
Source: ICv2