Today, Borders issued a press release announcing it is replacing Jones with Ron Marshall, founder of the private equity firm, Wildridge Capital Management.
The press released points out that, unlike Jones, Marshall has a "specific bookstore background." He held a "senior management position . . ." with the "Dart Group Corporation's Crown Books division and Barnes & Noble college bookstores."
Larry Pollock, chairman of the Borders Group Board of Directors, had this to say:
"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 . . ."Publishers Lunch reported:
In the same announcement, Borders reports sales for the nine-week holiday period of $869 million, down 11.7 percent from a year ago . . . Same-store sales at the company's superstores declined 14.4 percent (and 13.6 percent overall . . .Publishers Weekly reported:
One focus of Marshall's will be avoiding a delisting from the New York Stock Exchange. Last week, the company was notified that because its stock has been trading at below $1 over the last 30 days, it may be delisted from the NYSE. Borders has about six months to improve its stock price or face delisting.Read the press release here.