The Borders Story: The Final Chapter?
But after just one year on the job Marshall resigned, igniting a shakeup in the executive ranks. He was replaced on an interim basis by Michael Edwards, executive vice president and chief merchandising officer. At the same time Borders also appointed a new chief financial officer and executive vice president of merchandising and marketing.
Amid the corporate chaos, Borders managed to repay its $42.5 million loan from Pershing Square Capital and announce a new $700 million revolving credit facility and $90 million term loan.
Then financier Bennett LeBow stepped in, investing $25 million into the company and purchasing a 15.5% stake, to become Borders' largest shareholder. And just months later, LeBow took over the CEO post while Edwards was named head of Borders Inc., the company's core book business.
In August 2010 CFO Mark Bierley resigned, and was replaced on an interim basis by Glen Tomaszewski. In October, former Las Vegas sands executive, Scott Henry, stepped in to fill the role.
Chapter 8: The Final Chapter?
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