Since the Chronicle’s comment policy rather perversely prevents them from allowing comments on articles like this which are of obvious local interest, let me say here, thank you Borders Group, for your efforts in destroying 96% of your market capitalization in the last year.
If there is a way to save Borders, surely it is to cut out all the CDs, to cut out all the ancillary products, to cut out international operations, and to focus on being a full-service bookstore in the US. Amazingly, Foresee results still list Borders and Barnes and Noble as global leaders in customer satisfaction, and Borders still has great bookstore locations in most major US cities. Build on what you have.
The Ann Arbor Chronicle » A2: Borders Group
… a press release from Borders Group that announces a new CEO and other management changes at the beleaguered Ann Arbor-based bookstore chain. Ron Marshall, founder of the private equity firm Wildridge Capital Management, has replaced George Jones as president and CEO. Jones had been in that job since July 2006. In a statement, Borders board chairman Larry Pollock says: “Progress has been made by Borders Group over recent quarters within the challenging economy to reduce debt, improve cash flow, cut expenses, enhance inventory productivity and improve margins, but it is imperative that the company more aggressively attack these initiatives to address its long-term future.” Borders also reported a double-digit sales decline for the holiday period ending Jan. 3
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