Borders Group announced today that it was appointing Ron Marshall, an experienced turnaround hand, as CEO and made a number of other management moves.  It also reported that sales for the nine week holiday period were down 11.7% over-all.

Marshall most recently ran a private equity firm he managed, but prior to that turned around the $5 billion food distribution and retail organization Nash Finch Company, and was EVP and CFO during a turnaround of $4 billion supermarket retailer Pathmark Stores.  Earlier in his career, Marshall also had stints with Crown Books and Barnes & Noble college bookstores.  Marshall replaces George Jones, who was Borders’ CEO since July 2006.

Borders also appointed a new CFO, new EVP of Merchandising and Marketing, and a new Chief Administrative Officer. 

The company’s 11.7% holiday sales decline saw Borders superstore same store sales drop 14.4%, with the book category down 11%.  Waldenbooks same store sales were down 8%.  International sales were down the least, at 1.4%.

Borders has received two listing notices from the New York Stock Exchange.  Its price is below $1.00 a share, which must be corrected within six months; and its market capitalization is approaching the mandated low of $25 million over a 30 day period.  The market cap requirement does not have a cure period, but at today’s price the market cap is above the minimum.