Borders Group CEO Departs26 Jan, 2010 By: Erik Gruenwedel
Borders Group president and CEO Ron Marshall has left the company to assume a similar position with another company, the national bookseller said Jan. 26.
The company named chief merchandising officer Michael J. Edwards as the interim CEO.
The move comes just days after Ann Arbor, Mich.-based Borders said winter holiday sales for the 11-week period ended Jan. 6 declined 13.7% to $847 million, compared to the prior-year period.
Traditional book retailers continue to struggle as recessionary forces and technology drive consumers online, notably to Amazon.
Sales at Borders superstores fell nearly 15%, including more than 4% for multimedia items such as movie DVDs, Blu-ray Discs and CDs, to $649.2 million. The Waldenbooks specialty retail unit saw holiday sales drop 14.6%, with comparable-store sales (open at least 12 months) declining 9.4%.
Borders last year said it would shutter 182 Waldenbooks locations in an effort to “right-size” its shopping mall business. The chain previously announced it would exit the multimedia category, which impacted holiday comp-store sales by 3.7%.