Border's replaced Wilhelm and VP Merchandising Rob Guen with internal candidates (Mark Bierley and Anne Kubek respectively) and appointed Dan Smith as Chief Admin Officer.
The company also reported predictably soft sales for the holiday period and with the intense promotions they were running look for gross margin impairment when they report their full quarterly numbers. From the press release:
Sales Results-Holiday 2008
Borders Group also released its sales results for the nine-week holiday period ended Jan. 3, 2009. Total consolidated sales were $868.8 million, an 11.7% decline compared to the same period last year. Within the Borders superstore segment, total sales for the holiday period were $652.6 million, which is a 13.6% decrease compared to 2007. Comparable store sales at Borders superstores declined by 14.4% compared to the same period a year ago. On a same-store sales basis, the book category at Borders declined by 11.0% for the period. Borders.com sales for the nine-week holiday period were $20.3 million. Overall, holiday sales started slow and improved during the latter part of the season. Within the Waldenbooks Specialty Retail segment, total sales for the holiday period were $161.7 million, a 16.4% decrease compared to the same period one year ago. Comparable store sales for Waldenbooks declined by 8.0% compared to holiday 2007. Total International segment sales were $34.3 million for the period, a 1.4 % decrease compared to the same period a year ago. Comparable store sales at Paperchase stores in the U.K. decreased by 6.5% for the holiday period year over year.