Borders lays off 124 corporate and distribution positions
By APThursday, January 28, 2010
Borders cuts 164 positions
ANN ARBOR, Mich. — Bookseller Borders Group Inc. is laying off 164 staffers in an effort to cut costs amid slumping sales.
The company has cut 124 jobs from its Ann Arbor, Mich., headquarters and 40 from distribution centers in Tennessee and California.
The moves come the same week CEO Ron Marshall left to become head of the Great Atlantic & Pacific Tea Co. supermarket chain.
Borders sales have fallen as competition from online retailers and discounters has heightened and consumers have cut spending.
Shares fell 3 cents to 91 cents during late trading.
(This version CORRECTS the total number of total layoffs in the headline.)
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