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05 August 2011 @ 11:39 am
Rock on!  

Notes: Borders Exec Team 'Terminated'

Borders has "terminated" its senior executive team. Company President Mike Edwards and CFO Scott Henry were dismissed effective July 29, according to an SEC filing. Holly Felder Etlin, managing director of AlixPartners--which has been providing financial restructuring and bankruptcy reorganization advisory services to Borders--was appointed temporary company president. Glen Tomaszewski, Borders v-p, chief accounting officer and controller, will serve as treasurer.
 
 
(Anonymous) on August 5th, 2011 03:54 pm (UTC)
Mike, on behalf of all of us who lost our jobs in April as well as the rest of the company that will soon be losing theirs, I just want to extend a cordial "fuck you" from all of us. You're quite the world class turnaround specialist!
(Anonymous) on August 5th, 2011 04:26 pm (UTC)
ignoramus...
You feel better now, you little peon? If you followed his ideas and responses to market shifts, Edwards was a cut above our previous CEOs. If they hadn't fucked up royally by expanding the company like a cancer, selling our online market out to Amazon, getting in debt with publishers, and cutting their losses at the end, Edwards would have been able to execute his plans. Blaming Edwards is like blaming Obama for our national debt crisis. Grow up.
Re: ignoramus... - (Anonymous) on August 5th, 2011 06:00 pm (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 8th, 2011 05:07 am (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 5th, 2011 07:59 pm (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 5th, 2011 10:16 pm (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 6th, 2011 06:47 am (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 5th, 2011 08:24 pm (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 5th, 2011 08:53 pm (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 6th, 2011 09:01 pm (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 7th, 2011 06:03 am (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 8th, 2011 02:59 am (UTC) (Expand)
Re: ignoramus... - (Anonymous) on August 7th, 2011 05:45 pm (UTC) (Expand)
Right On - (Anonymous) on August 7th, 2011 05:46 pm (UTC) (Expand)
(Anonymous) on August 5th, 2011 03:58 pm (UTC)
Underperforming Management
Yes, just as it was necessary to close under performing stores, Borders new mercenary management has terminated the under performing top managers whose failed strategies resulted in a string marketing disasters and ultimately bankruptcy, and liquidation. All of the remaining stores are expected to close by the end of September.









fengi on August 5th, 2011 04:08 pm (UTC)
Edited due to not reading carefully.

As an outsider who has followed this blog I didn't realize they still had jobs until 7/29. I thought they would be dismissed before the liquidation began, but I guess they had to take part in the process papers leading up to that point. Does this mean they sort of fired themselves?

Edited at 2011-08-05 04:13 pm (UTC)
(Anonymous) on August 5th, 2011 04:38 pm (UTC)
I would say better late than never but the damage has been done. While Mikey wasn't soley responsible for the disaster known as Borders, he didn't help at all. What an idiot. When I think back whenever the staff tried to tell the "suits" something wasn't going to fly with customers or certain "executive" decisions wouldn't work we got written up for being negatory. God knows there is a difference between being negative and being a realist. Anyway, I wish the best for current and former employees. There is life after Borders.
(Anonymous) on August 5th, 2011 04:49 pm (UTC)
you're right, but come on...
while you're right, he didn't help, he TRIED to help. There is more to success than results - the effort invested counts a great deal too. He played the hand he was dealt with as best as he possibly could.
Re: you're right, but come on... - (Anonymous) on August 5th, 2011 08:57 pm (UTC) (Expand)
Re: you're right, but come on... - (Anonymous) on August 6th, 2011 07:26 am (UTC) (Expand)
(Anonymous) on August 5th, 2011 05:08 pm (UTC)
I thought Mike Edwards did a better job than his predecessors. But it is all water over the dam now.

I totally agree with the poster who said "You couldn't tell the suits anything without being written up".

In general, Borders was just another Top-Down authoritarian corporation. They said "jump", and the only thing they wanted to hear from us in the stores was "How high?"
(Anonymous) on August 5th, 2011 05:15 pm (UTC)
Or they said "jump" and promptly fell down the stairs.
umm, i hate to break it to you, but... - (Anonymous) on August 5th, 2011 05:28 pm (UTC) (Expand)
Get in Line & fall down the stairs - (Anonymous) on August 5th, 2011 05:42 pm (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 5th, 2011 05:44 pm (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 5th, 2011 06:35 pm (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 6th, 2011 12:19 am (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 6th, 2011 04:18 am (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 6th, 2011 04:35 am (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 6th, 2011 04:58 am (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 6th, 2011 07:08 am (UTC) (Expand)
Re: umm, i hate to break it to you, but... - wild_rhino on August 11th, 2011 01:08 pm (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 8th, 2011 05:14 am (UTC) (Expand)
Re: umm, i hate to break it to you, but... - (Anonymous) on August 8th, 2011 06:21 am (UTC) (Expand)
(no subject) - (Anonymous) on August 10th, 2011 01:59 am (UTC) (Expand)
(Anonymous) on August 5th, 2011 08:44 pm (UTC)
From someone who has worked for Border's almost twenty years....

If they had listened to people in the field, hired people from the field, things would have been different. Never happened.
(Anonymous) on August 6th, 2011 12:12 am (UTC)
Before there were Borders stores, there wasn't really much of a "field". They did try to hire someone from the publishing industry (an expert on print-on-demand publishing) as the CEO in 1999, but he had to go after a short time (it was rumoured that his morals were bad). As recently as 2001, their stated goal was to recruit from within the stores.
I understand what you are saying about the opportunists with the dollar signs where their pupils belong, persons who didn't read and sold others (not least of all themselves) on the idea that they deserved to run bookshops. Both you and I know how that started, with Dave Carpenter. Neither you nor I can turn back the clock nearly twenty years, but it is worth asking ourselves what motivated us at that point to stay given what was going to happen and what we already knew about it.
(no subject) - (Anonymous) on August 6th, 2011 12:46 am (UTC) (Expand)
that's hullabaloo - (Anonymous) on August 6th, 2011 04:34 am (UTC) (Expand)
Re: that's hullabaloo - (Anonymous) on August 6th, 2011 06:47 am (UTC) (Expand)
(no subject) - (Anonymous) on August 6th, 2011 10:14 pm (UTC) (Expand)
Before there were Borders stores, there wasn't really much of a "field". - (Anonymous) on August 6th, 2011 01:53 am (UTC) (Expand)
(Anonymous) on August 5th, 2011 08:45 pm (UTC)
Maybe these two pricks will come to my store and help out with the liquidation. Think I should ask?
(Anonymous) on August 6th, 2011 07:13 am (UTC)
Mikey doesn't seem like a "hands on" type of guy. On the other hand, his executive skills do not seem to be top notch either.
(Anonymous) on August 5th, 2011 09:40 pm (UTC)
PLEASE tell me that idiot Frering is gone too... PLEASE!
(Anonymous) on August 5th, 2011 10:16 pm (UTC)
My thought exactly.
nope - (Anonymous) on August 14th, 2011 06:46 am (UTC) (Expand)
(Anonymous) on August 5th, 2011 10:21 pm (UTC)
Can't believe the crap
Was in a liquidating store today -- mine's already gone -- and could not believe the additional crap they're being forced to sell. Piggy banks, straw handbags, lap throws, etc. It was amazing. And I heard that another of our stores is having to sell dog beds, too. I guess that not only are Borders' warehouses being emptied, but so are the warehouses of the liquidators. The place looked more like Big Lots than a bookstore. It's beyond sad that it finally came to this.
(Anonymous) on August 7th, 2011 01:49 am (UTC)
Re: Can't believe the crap
That's funny, if they take food stamps it would be just like Walmart.
(Anonymous) on August 5th, 2011 11:28 pm (UTC)
The dog beds were for all the dogs were were forced to sell over the years.
(Anonymous) on August 5th, 2011 11:29 pm (UTC)
Why I bet Mike Edwards is tossing and turning every night, worried about whether or not we will all find employment.
(Anonymous) on August 6th, 2011 01:42 am (UTC)
A Douche's douche
He probably thanks his lucky stars that he has been in the right place at the right time several times in his life. I know you are being sarcastic, but I get the idea that he doesn't really give a shit about anyone but himself.
(Anonymous) on August 6th, 2011 04:51 am (UTC)
In response to the poster about the DM with the initials AB:
I played the hand I was dealt in the best possible way I knew how, and most definitely brought a sense of integrity and professionalism to the job at hand, which was extraordinarily difficult, given the predicament we're now all in. I am the sole breadwinner of my family at the moment, and most of my job consists of traveling and meeting with people for 16+ hours a day, so it has been an unbearably stressful time...but I have never in my life allowed personal issues to interfere with the execution of my job description and worth ethic.

As for transparency of communication, I am a district manager: I'm forced to politic when necessary and am only allowed to say certain things at certain times to certain people, to achieve certain agendas. That is the way it is for all DMs, and it does pain me to have to seem sneaky sometimes; this pressure to politic, added to my family situation, is why severance is going to be so welcomed.

Your cowardly anonymous character assassination of me, as brilliant an exercise in sarcasm as it is, was very foolish. I know exactly who you are; some of your coworkers (who I will keep anonymous) were kind enough to tell me what you've said about me in the breakroom, and on the sales floor, no less! I have since spoken with your manager about this matter, and I guarantee it is going to be resolved in the best possible way.

Be prepared to be met with this question by your next employer: "So, why do you have no references and a huge hole in your work history?" Your road is going to be long and hard, my friend. Think twice next time you decide to be a smartass.
(Anonymous) on August 6th, 2011 07:05 am (UTC)
Re: In response to the poster about the DM with the initials AB:
So, I'm assuming that you are "AB". If you really are, I wouldn't count on holding anyone back in the future. Coming from a bankrupt company there would be so many holes that you wouldn't stand a chance - never mind the legal ramifications.

Beyond that, you sound like a jackass. You admit to playing politics and convince yourself it was worth it for your severance. Are you really that vindictive, and are you even sure that you really know who was posting?
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 6th, 2011 05:12 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 6th, 2011 06:17 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 6th, 2011 06:53 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 6th, 2011 07:37 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 7th, 2011 04:21 pm (UTC) (Expand)
only thing toxic on this site are the trolls - (Anonymous) on August 7th, 2011 04:39 pm (UTC) (Expand)
Re: only thing toxic on this site are the trolls - (Anonymous) on August 7th, 2011 05:19 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 9th, 2011 07:07 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 03:48 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 04:13 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 04:49 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 09:17 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 09:25 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 10:50 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 6th, 2011 03:33 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 6th, 2011 05:18 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 7th, 2011 01:42 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 7th, 2011 01:44 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 7th, 2011 04:24 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 8th, 2011 12:46 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 8th, 2011 03:48 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 9th, 2011 05:28 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 9th, 2011 05:39 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 03:59 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 05:19 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 06:46 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 12:48 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 05:31 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 7th, 2011 02:48 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 9th, 2011 05:50 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 10th, 2011 11:10 pm (UTC) (Expand)
Tennis Bracelets - (Anonymous) on August 11th, 2011 12:11 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 01:12 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 01:46 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 02:01 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 02:35 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 03:06 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 03:20 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 03:35 am (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 12:02 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 07:49 pm (UTC) (Expand)
Re: In response to the poster about the DM with the initials AB: - (Anonymous) on August 11th, 2011 08:18 pm (UTC) (Expand)
(Anonymous) on August 6th, 2011 04:57 am (UTC)
The only justice we get is..
that they weren't paid bonuses. That was just rubbing salt in the wound.
(Anonymous) on August 6th, 2011 07:20 am (UTC)
Re: The only justice we get is..
I really wonder though if they got some perks like free health care for a certain time frame. It would be great if they parted with nothing, but it always seems like the executives come out ahead no matter what.
Re: The only justice we get is.. - (Anonymous) on August 6th, 2011 02:25 pm (UTC) (Expand)
Re: The only justice we get is.. - (Anonymous) on August 6th, 2011 03:30 pm (UTC) (Expand)
(Anonymous) on August 6th, 2011 04:23 pm (UTC)
Doing nothing got you to where you are now
LOL. I remember a couple of years lay-offs were happening like clock work and YET no one cared. Many of you PRAISED Mike Edwards and stood up for this douche bag (when he was replaced from the scum bag of RM)I read numerous comments about how excited you were for the change (ummm what change except many of you were treated like slaves and turned on eachother like wolves)

I hope many of you remember this phase in your life and from this point forward: When a company starts firing and laying off your coworkers, you need to stand behind them.There needs to be more unity and less worrying about you. It seems Facebook and crappy Myspace has made a more selfish world by glorifying your boring lives. I remember reading (from here) wondering if now your store would get more hours due to the layoffs. This doesn't go out to all of you but the zombie state of doing nothing has made you no better.
Good luck in life.
(Anonymous) on August 6th, 2011 06:12 pm (UTC)
Re: Doing nothing got you to where you are now
[quote]Many of you PRAISED Mike Edwards and stood up for this douche bag (when he was replaced from the scum bag of RM)I read numerous comments about how excited you were for the change

To be fair, that was most likely the "At out store..." troll, who was fabulous.
Re: Doing nothing got you to where you are now - (Anonymous) on August 6th, 2011 07:15 pm (UTC) (Expand)
(Anonymous) on August 6th, 2011 09:04 pm (UTC)
What does it matter? There is no more Borders anymore. It's not like he could quit because that would mean nothing anyway. Still, Mikey, how does it feel to be a fucking failure of a businessman? Mount Fuji is too far away so why don't you get your ass to the nearest high structure and kill yourself honorably. Your wife is going to leave your jobless ass, and she's probably fucking the mail man anyway.
(Anonymous) on August 6th, 2011 10:15 pm (UTC)
His wife left him long ago well before Borders. He is divorced.

That was part of the man's problems. It was well known that he liked to chase after the available female members of management in the office. I was there. It was obvious and disgusting. They treated his advances like the publishers treated his pleas for credit...a pat on the head and left him holding his dick.
(no subject) - KanojoNoCarrera on August 7th, 2011 05:40 am (UTC) (Expand)
TI - (Anonymous) on August 7th, 2011 02:50 pm (UTC) (Expand)
(no subject) - (Anonymous) on August 7th, 2011 04:14 pm (UTC) (Expand)
(Anonymous) on August 7th, 2011 12:20 am (UTC)
Really this is what thsi board has come to - total BS . Edwards was a class act that gave it his all against all odds. I worked in the corporate office and people loved this guy. Honest and committed.
(Anonymous) on August 7th, 2011 01:46 am (UTC)
Sorry I worked in the office also. Were you blind?

Mike put on a good show and obviously fooled you. Did you ever attend any all hands meeting while he was CEO? Mike pushed the agenda that ultimately benefited Mike. To those of us that had EXPERIENCE and held key positions we knew it was smoke and mirrors. The man was in over his head. He never represented Borders. OUR company was always just a stepping stone for him bankruptcy or not. He was eying bankruptcy long before it happened but the board refused to go along. He even had to beg Lebow in the end to agree to file.

If anyone was able to watch the now infamous Drexel video you know how this guy operated. Arrogant, self indulgent and me first.

"people loved this guy. Honest and committed" This has got to be the most uneducated comment about Mike on this board.

Borders was only a way to puff up Mike's resume not matter the final out come. Trust me, when the dust settles he will have another job making more money and get run out of that too. This is his pattern.

And no he did not cause all of Borders problems but he was the wrong person to pull Borders out. Period

Mike fooled a lot of the people in the office but not all of us and definitely not the publishers. The majors hated him. Why do you think they would not back Borders in March?...they refused work with Edwards and his "team". Sure there were other factors but his relationship with them was the tipping point. He knew it but could not accept it.

Bankruptcy could have worked... If he would have stepped aside things would likely be much different now. Mike's love of Mike got in the way.
Class Act? - (Anonymous) on August 7th, 2011 05:41 pm (UTC) (Expand)
Smoking Crack - (Anonymous) on August 7th, 2011 05:43 pm (UTC) (Expand)
(no subject) - (Anonymous) on August 8th, 2011 12:49 pm (UTC) (Expand)
(Anonymous) on August 7th, 2011 02:35 am (UTC)
Publishers would not back anyone. If it was such an issue the investors could have replaced Edwards once the company was sold. Edwards gave the company a year more then it deserved and if he had more time the plan would have worked. Everyone knows this except you. Lebow also worked to the end to make this work and lost 25M dollars. The Drexel video was great, I love a leader in the light of a melt down remained confident and positive to the end. His pattern has been to create opportunities and wealth for many people through out his career and that is a statement of fact. Scott Henry his CFO is one of the best executives ever to work for Borders and the two of then fought to the end to save the company.
(Anonymous) on August 7th, 2011 02:44 am (UTC)
I'll take 2 of what they're drinking.
Pair of rose colored glasses while you're at it.
(no subject) - (Anonymous) on August 7th, 2011 03:59 am (UTC) (Expand)
(no subject) - (Anonymous) on August 7th, 2011 04:17 am (UTC) (Expand)
(no subject) - (Anonymous) on August 10th, 2011 02:10 am (UTC) (Expand)
(Anonymous) on August 7th, 2011 06:26 pm (UTC)
fyi
i feel morally obligated to let everyone know that BOOKBOSS83 is a nazi wanker.
(Anonymous) on August 7th, 2011 07:30 pm (UTC)
Re: fyi
What is a nazi wanker?
Re: fyi - (Anonymous) on August 7th, 2011 10:51 pm (UTC) (Expand)
Re: fyi - (Anonymous) on August 8th, 2011 04:56 pm (UTC) (Expand)
Re: fyi - (Anonymous) on August 9th, 2011 01:24 pm (UTC) (Expand)
(Anonymous) on August 8th, 2011 04:07 am (UTC)
The only thing I can really blame Edwards for is trying to push that ridiculous 9 million dollars in executive bonuses past the bankruptcy court back in March, when it was clear to everyone that it was over. Thankfully the bankruptcy judge didn't go along with it, but it shows the arrogance and greed for even trying to sneeek it through.
(Anonymous) on August 10th, 2011 01:00 am (UTC)
Great point. Very telling about Mike. He was tone deaf.
(Anonymous) on August 9th, 2011 06:59 pm (UTC)
I hadn't visited this board in a while, because I didn't think there was anything left to say.

...and there obviously isn't.
(Anonymous) on August 10th, 2011 01:07 am (UTC)
Between Ron Marshall, Mike Edwards, Jim "new sign package" Frering and other non talent zeros that were brought on we didn't stand a chance. Remember Melnick? He knew nothing except to look at the bathroom checklist when he visited stores. I guess that's what you get when your going down the tube. Corporate Bottom Feeders.
(Anonymous) on August 10th, 2011 06:51 am (UTC)
Honestly, there did seem to be an unusual amount of concern over the shitter beginning with RM.
(Anonymous) on August 10th, 2011 11:58 am (UTC)
ME would listen to focus groups but had no instincts of his own.