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Borders Delays Payments as Execs Depart; B&N Sales Up

posted on 2011-01-04 18:23 EST

Two executives at the media store chain Borders have resigned; Executive Vice President General Counsel Thomas Carney and Senior Vice President Chief Information Officer D. Scott Laverty resigned on Sunday and Monday, respectively. The Publishers Marketplace and The New York Times newspaper reported that Borders informed major publishers last week that it would be delaying payments which the bookstore chain owes to them. Company representatives will meet with publishers this week to discuss the company's plans. Borders spokeswoman Mary Davis also denied rumors that Borders is suffering from a liquidity crisis. This past August, the company laid off 128 workers from its Michigan headquarters.

In a separate development, the bookstore chain Barnes & Noble saw a 9.7% uptick in sales for the holiday season. Revenues were heavily driven by sales of books for the company's Nook e-reader device, which recently added a color version.

Sources: ICv2 (link 2, link 3)


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