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Borders Books-Makes Deeper-Job Cuts

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MAIN NEWS HEADLINES
February 19 – 26, 2009 Edition

Borders Books
Makes Deeper
Job Cuts

ANN ARBOR, Mich. (Authorlink News, Feb. 19, 2009)—Borders Group today announced that it has reduced its corporate workforce by another 136 positions, which were eliminated effective today.   The majority of the jobs, which represent about 12% of the corporate workforce but less than 1% of the company’s total workforce, are based at the company’s headquarters in Ann Arbor. The workforce reduction was spread across virtually all business areas, including marketing, human resources, field management and corporate sales.  The reductions were made at various ranks, ranging from entry level to middle management.  Affected employees are being offered transition pay, severance and job placement assistance. Today’s changes follow the company’s announcement just over two weeks ago that several top-level corporate positions had been eliminated to reduce management layers and help drive expense reductions.

 “While reducing payroll is never easy and we respect the impact it has on employees and their families, it is one of the necessary steps we must take along with other non-payroll expense reductions to help get this company back on track financially,” said Chief Executive Officer Ron Marshall.  “In this time of transition, I greatly admire the tenacity and focus that employees at all levels here have shown as we drive to significantly reduce expenses and bring other key financial measures in line. We will continue to move forward with deliberate speed to make the changes required to get Borders back on firm financial footing.”

Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading retailer of books, music and movies with approximately 27,000 employees. Through its subsidiaries, the company operates more than 1,000 stores primarily under the Borders(R) and Waldenbooks(R) brand names and offers online shopping through Borders.com.