Borders cuts 742 jobs in US stores

Borders has made 742 job cuts across its Borders and Waldenbooks chains in the US. The cuts are effective immediately. The company said that it had primarily cut store manager and supervisor positions, although some other jobs were also affected. The retailer said that the cuts represent less than 3% of its total workforce. Borders has suffered from slow sales and said that the sluggish retail environment has forced the cuts. The bookseller has already made a number of rounds of job cuts.

"Reducing the number of leadership positions in our stores was a necessary step as we streamline and focus our payroll investment on the sales floor," said Chief Executive Officer Ron Marshall. The retailer said that it will offer "transition pay" and severance to all affected employees. Borders has made several other rounds of job cuts. Last month, Borders cut about 12% of its corporate work force. In January, the company ousted its Chief Executive and his Management team, installing Marshall to the top position.