Borders Group Inc. (BGP) tapped retail veteran Michael Edwards
to serve as its chief merchandising officer, just eight months
after company veteran Anne Kubek took on a similar role at the
company.
The No. 2 brick-and-mortar bookseller, since installing a new
chairman early this year, has been shaking up management and moving
to rejuvenate its operations with better inventory management. Last
month, the company posted a wider-than-expected second-quarter
loss, a sign of the difficulties booksellers face in one of the
worst consumer-spending environments in recent years.
Kubek who had served as executive vice president since January,
first joined Borders in 1990 and joined its corporate office six
years later. A spokeswoman declined to say why Kubek, 43 years old,
departed.
Edwards, 49 years old, will be responsible to executing
marketing and merchandising strategies to drive sales and profit as
Borders works to re-engage with its customers. It is a key role for
many retailers - as the merchandising chief steers a large staff
and maintains relationships with vendors and suppliers.
Edwards, who most recently served as president and chief
executive of Oregon-based leather handbags and accessories
wholesaler Ellington Leather, also has served in executive roles
for lucy Activewear and Jo-Ann Stores Inc. (JAS). He also held
merchandising positions at Target Corp. (TGT) and the May
Department Store Co., which merged with Macy's Inc. (M) in
2005.
"We look forward to Mike joining the company to focus with
urgency on driving business results and delivering an outstanding
experience for our customers," said Chief Executive Ron
Marshall.
Shares were up 1.2% to $3.30 in recent trading, but the stock is
down 55% over the past year.
-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com
