ANN ARBOR, Mich., Aug. 23 /PRNewswire-FirstCall/ -- Borders Group, Inc. today announced that Mark Bierley has resigned his position as CFO to pursue another employment opportunity. The company has named Vice President Glen Tomaszewski as Interim CFO. Bierley will assist Borders in the transition process as it initiates the search for a new CFO.
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Tomaszewski, 41, has been with the company for 12 years, playing an integral role in leading the company's financial accounting and reporting functions, including the formation of accounting policy and ensuring compliance with financial regulatory requirements.
"I appreciate the many contributions Mark has made to the company," said Borders CEO Mike Edwards. "He successfully led our debt and equity financings earlier this year and oversaw the recent sale of Paperchase, which have strengthened Borders' financial health and provided the necessary foundation for repositioning the Borders brand. I wish Mark all the best in his new role.
"We are highly committed to driving the top line at Borders Group, while continuing to prudently manage expenses," continued Edwards. "As we conduct our search for a new CFO, I will work closely with Glen on carrying out our financial priorities, including maximizing the profitability of our stores and increasing the efficiency of our supply chain. I appreciate the continued support of all of our partners and associates during this transitional time."
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expected," "planning," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, profitability, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its cost reduction initiatives and plans for store closings and the expansion of product categories, including eBook content and eReaders. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.
These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital--including vendor credit--to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims, the performance of the company's information technology systems; and, with respect to eBook content and eReaders, the availability to the company of anticipated content levels and a variety of competitive devices.
The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.
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Borders Group
CONTACT: Media, Mary Davis, +1-734-477-1374
Web Site: http://www.borders.com/media
