The financially-troubled Borders bookstore chain instituted a second round of layoffs in 2010 last week. According to Daily Finance.com, the cuts took place on March 4th, a day that Borders employees are referring to as “Black Thursday,” and involved a company-wide layoff of all inventory supervisors and an unspecified number of part time employees. The exact number of employees affected by the cuts has not been announced.
The new round of layoffs comes just about one month after Borders cut 164 jobs, about 10% of its corporate staff (see “Borders Cuts Corporate Staff”) and the departure of CEO Ron Marshall (see “Borders CEO Resigns”).
Last week Borders also reportedly asked lenders to postpone calling in the balance of a 360 million loan that was due to mature in July of 2011.
The timing of the two recent rounds of layoffs was eerily similar to Borders’ moves in 2009. In February of last year the company, which had just replaced its CEO, first cut its corporate staff by 12% (see “Layoffs Thursday”), and followed that move by laying off 742 store employees on Thursday, March 5th (see “Borders Cuts 742 Jobs”).