In the latest news of Borders's troubles, the company's chief financial officer Mark Bierley has resigned In another sign of the troubles afflicting Borders (BGP), the country's second-largest book retailer, Mark Bierley has resigned as the company's chief financial officer and chief operating officer "to pursue another employment opportunity." Vice President Glen Tomaszewski, a 12-year Borders veteran, will serve as interim CFO while the company searches for a replacement.

Bierley, who has worked for Borders since 1996, exits the company 18 months
after being named CFO and just two months after being appointed COO. The news also comes only nine days before Borders is due to post its latest earnings report.

It's the latest bump in what has been a tumultuous year for Borders, what with the arrival of new CEO Bennett LeBow, five rounds of layoffs and the selloff of the company's profitable stationery arm, Paperchase, to a U.K. private-equity firm. Bierley's departure is another signal to both investors and publishing-industry types that the book retailer's health remains ailing.

Still, co-CEO Mike Edwards tried to put the requisite positive spin on Bierley's departure. "We are highly committed to driving the top line at Borders Group, while continuing to prudently manage expenses," Edwards said in today's announcement. "As we conduct our search for a new CFO, I will work closely with Glen on carrying out our financial priorities, including maximizing the profitability of our stores and increasing the efficiency of our supply chain. I appreciate the continued support of all of our partners and associates during this transitional time."

Increase your money and finance knowledge from home

Income Investing

Grow your nest-egg.

View Course »

Finding Stock Ideas

Learn to do your research and find investments.

View Course »

Add a Comment

*0 / 3000 Character Maximum

10 Comments

Filter by:
cat5400

Border's doesn't carry the inventory that Barnes & Nobel does. Their prices are higher also.

August 24 2010 at 10:04 AM Report abuse +1 rate up rate down Reply
Michael

Yep, when I lived in Concord where they had a Borders I loved going there and shopping, having coffee and snacks. The book deals were great too. There is not one where I am now, and I miss Borders.

August 24 2010 at 9:26 AM Report abuse +3 rate up rate down Reply
Charlie

Borders has some of the best deals, compared with Barnes & Nobel. Their online coupons are 33% or 40% off compared to Barnes & Nobles occasional 15% off coupons. I go into Borders, I see much longer lines there in Borders than Barnes & Nobels, though the lines move fast thanks to the prompt, friendly and attentive employees, so I don't understand how they could be doing less well. I'm a book person--I don't go in for CDs or DVDs and I'm certainly not wanting to jump on the electronic book bandwagon, I like the physical pages.

August 24 2010 at 9:22 AM Report abuse +4 rate up rate down Reply
Mary

I lost my Borders last year after the holidays and am left with B&N. I know these e-readers are having some effect but heck even in Star Trek movies the captins still covet an antique book!

August 24 2010 at 9:15 AM Report abuse +2 rate up rate down Reply
brennemanbelkin

"carrying out our financial priorities, including maximizing the profitability of our stores" ......In other words, sell off the assets, bag all the people and run like thieves in the night.

August 24 2010 at 9:10 AM Report abuse +1 rate up rate down Reply
Tess :o)

I hope Borders does not close its doors either. Bad enough the two Borders store which are local to me have closed down two years ago. I believe the Borders store located near 34th in NYC is still opened. I have been reading the headlines regarding B&N as well. As much as I love technology and its conveniences, nothing beats human contact and the joys of browsing, drinking coffee and just talking shop with people. I hope this store will be around during this decade.

August 24 2010 at 8:38 AM Report abuse +3 rate up rate down Reply
Tess :o)

I hope Borders does not close its doors either. Bad enough the two Borders store which are local to me have closed down two years ago. I believe the Borders store located near 34th in NYC is still opened. I have been reading the headlines regarding B&N as well. As much as I love technology and its conveniences, nothing beats human contact and the joys of browsing, drinking coffee and just talking shop with people. I hope this store will be around during this decade.

August 24 2010 at 8:38 AM Report abuse +1 rate up rate down Reply
cathy

Kindle, ipad, nook,sony e-reader etc..........

August 24 2010 at 8:15 AM Report abuse rate up rate down Reply
cu1turevu1ture49

I've heard rumors for a long time about how Borders might close. I hope this isn't true. Has anyone else noticed how in certain stores how the CD & DVD depts. have shrunk in the last few years? It's as if they don't want to restock older items. Maybe they're doing this to encourage online shopping but I prefer to browse in stores. Time will tell...

August 24 2010 at 6:15 AM Report abuse +5 rate up rate down Reply
1 reply to cu1turevu1ture49's comment
Gary VanDeCar

Yeah I agree I surely hope that they dont close there doors! Having grown up near Ann Arbor, Mi I pretty much grew up with borders It's still my favorite book store In all the world, I pretty much heard the same thing about them closing there doors and I hope and pray that this Is'nt the case. They still have among the best deals around!!!

August 24 2010 at 8:26 AM Report abuse +5 rate up rate down Reply