After delaying its annual report, Borders revealed in court documents that dozens of corporate employees have quit since the struggling bookseller filed for bankruptcy.
The Detroit News has the scoop: “Of the 47 employees who left the ailing Borders Group Inc. since it declared bankruptcy on Feb. 16, two dozen quit this month, Borders’ attorneys said in court documents. The departure of two unnamed executives — a senior vice president and a vice president — earlier this month leaves 15 people in senior management positions.”
The company has felt this staffing crunch. Last night Borders revealed that it will not make its annual report filing deadline for the SEC. The filing explained: “the Company has been required to devote a substantial portion of its personnel and administrative resources, including the personnel and resources of its accounting and financial reporting organization, to matters relating to the Chapter 11 Cases.”