Employees from “several” Borders stores have apparently been told that they should look for other jobs.
From Brian Keene:
This is rumour, since I can’t get anyone to go on record, but multiple sources (all of whom are employed by Borders) are telling me that employees of several different Borders stores were told during conference calls this week that “things are bad” and “if they have an opportunity for employment elsewhere, they should take it.”
Amid terrible earnings at Borders (down about 19% since the beginning of 2010), and the loss of two top execs (general counsel Thomas Carney and Chief Information Officer D. Scott Laverty), activist investor Bill Ackman, who owns 37% of Borders through his hedge fund Pershing Square, made a bid for Barnes and Noble.
Lay-offs are another answer.