* Says not seeking approval for reverse stock split
* Says 2 directors not standing for re-election
* Says 5 more directors plan to leave in coming months
NEW YORK, April 16 Borders Group Inc BGP.N
said on Thursday that it will no longer seek approval for a
reverse stock split as previously planned, and that it will
lose several members of its board of directors.
The book seller said it was planning to seek shareholder
approval for a reverse stock split at its annual shareholder
meeting in May, in order to increase its stock price to meet
criteria for continued listing on the New York Stock Exchange.
But the split is no longer necessary at this time, Borders
said, since its shares are trading above the $1 mark, and the
exchange has temporarily suspended the price requirement.
Borders also said two of its directors, Edna Medford and
Michael Weiss, will not stand for re-election this year,
thereby reducing the board's size to eight people.
Five of the eight remaining directors plan to stand for
re-election at the May meeting, but plan to step down from the
board in coming months as replacements are found, the company
Borders' shares closed at $1.45 on Wednesday, down 77
percent over the past year. In January, the company shook up
its management ranks, ousting its chief executive and chief
financial officer, and bringing in former private equity
executive Ron Marshall, who had experience turning around
(Reporting by Martinne Geller, editing by Dave Zimmerman)