Borders Reports a Loss, and Its Stock Falls 7%
By THE ASSOCIATED PRESS
The Borders Group
said its same-store sales fell and its losses narrowed in the first
quarter, and Wall Street greeted Tuesday’s unveiling of the
bookseller’s redesigned Web site with a sell-off of its shares…
"It was a tough sales environment we did it in," said George Jones, the chief executive of Borders.
Mr. Jones said a revamping announced last year is expected to save
$120 million a year. He said the cuts and the redesign of the retail
Web site will pay off in months to come.
"You’re going to see an interplay of the online world with the
brick-and-mortar world," he said. "If we do the right things, it will
create value for our shareholders."
Here’s a picture of George Jones, who wants you to know his resume is up to date with some fresh fonts at Linked In.