With declining sales (see “Borders Sales Slipping Too”), credit troubles, and the company on the block, Borders cut 274 corporate jobs this week as part of a $120 million per year cost-cutting program.  The cuts were spread between headquarters in Ann Arbor, which took 156 of the cuts, across virtually all departments, and its distribution centers, field marketing organization, and corporate sales division, which accounted for 118 positions cut.  The cuts represented about 20% of its corporate jobs; no store employees were affected. 

Borders CEO George Jones had recently spoken of upcoming cuts, and publishers at the BEA had been told that all meetings for this week had been canceled as the company restructured (see “Graphic Novels a Bright Spot”).