Borders is cutting 274 jobs, with most of the hit being absorbed by corporate groups within the company’s Ann Arbor, Mich. headquarters. From Publishers Weekly:
Borders stressed that with a few exceptions none of the cuts came at the store level and a spokesperson said there are no plans to reduce the number of store employees. The cuts represented about 20% of Borders’s corporate positions but only 1% of its total workforce.
The cuts are part of Borders’ move to reduce expenses by $120 million over the next year and a half, PW reports.
Late last month, Barnes & Noble said it is studying a possible acquisition of Borders.