* Cuts represent less than 3 percent of workforce
* Aim is to trim management levels and reduce costs
* Shares fall 5 cents to 51 cents
CHICAGO, March 5 Borders Group Inc BGP.N cut
742 positions at Borders and Waldenbooks stores on Thursday as
it tries to trim management levels and reduce costs.
The job cuts represent less than 3 percent of the company's
total workforce and come less than a month after Borders
eliminated 136 corporate positions.
The company eliminated 679 jobs at the Borders chain, where
it is reducing the number of manager and supervisor positions
such as sales managers, inventory managers, training
supervisors and merchandise supervisors. It eliminated 63 jobs
in its Waldenbooks unit.
Borders has been focused on expense management since Chief
Executive Ron Marshall took the helm after the ouster of George
Jones in January.
The company said it would offer transition pay and
severance to all of the employees impacted by the cuts. Its
shares fell 5 cents, or 8.9 percent, to 51 cents in midday
(Reporting by Jessica Wohl; editing by John Wallace)