Reuters logo
UPDATE 1-Borders cuts 742 jobs at U.S. book stores
March 5, 2009 / 5:29 PM / 9 years ago

UPDATE 1-Borders cuts 742 jobs at U.S. book stores

* 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 (Reuters) - 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 trading. (Reporting by Jessica Wohl; editing by John Wallace)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below