Borders CEO Resigns
Stock Price Dips
Published: 01/26/2010 07:32pm
Borders CEO Ron Marshall has resigned after only one year in charge of the troubled bookstore chain. Borders announced that
Borders stock dropped 16% to finish at 92-cents on Tuesday on the same day that Barnes & Noble’s stock soared by 13% driven by rumors of a deal with Apple that would have a Barnes & Noble bookstore built-in to the “tablet” that industry experts suspect Apple will be unveiling on Wednesday.
Borders is in the process of reducing the size of its Waldenbooks chain, which should be down to 148 stores by the end of next month. Borders, which remains a key sales venue for graphic novel and manga sales, also operates 515 of its namesake book superstores.
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