Borders Group Inc. has eliminated 274 corporate positions as part of an aggressive plan to reduce annual expenses by $120 million and improve the company’s bottom line.
The multichannel merchant has eliminated 156 corporate positions spread across virtually all departments of its Ann Arbor, MI, headquarters. An additional 118 corporate posts based outside the headquarters were also eliminated and affect mostly employees in distribution centers, the field marketing organization and the corporate sales division.
In total, these reductions account for approximately 20% of the company’s corporate positions and 1% of its total workforce.
With the exception of a handful of positions, the reductions are limited to corporate employees and do not involve store employees.