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Posts Tagged ‘Glen Tomaszewski’

When Will Your Local Borders Close?

Last week Borders reported to the SEC that Glen Tomaszewski had been cut. He had served as vice president, chief accounting officer, controller and treasurer at the bookseller.

Borders Group entered liquidation this summer, closing its remaining 399 stores and cutting around 10,700 employees. On the bookseller’s Facebook page, you can now see a list of the closure dates for your local Borders bookstore.

Stores in New York City, Philadelphia, Miami, Boston and many other major cities have already closed. Below, we’ve listed more of the upcoming Borders closings this week:

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Borders Terminates President & CFO

Today Borders revealed that president Michael Edwards and chief financial officer Scott Henry have been cut. Former senior vice president of restructuring Holly Felder Etlin has been appointed to replace Edwards. Chief accounting officer Glen Tomaszewski will replace Henry.

Here’s more about the new president:  “Ms. Etlin, age 54, has served as the Company’s Senior Vice President — Restructuring since February 2011. Ms. Etlin is a Managing Director of AlixPartners, a global business advisory firm that provides financial restructuring, bankruptcy reorganization and other advisory services. AlixPartners has been engaged since February 2011 to provide financial restructuring and bankruptcy reorganization advisory services to the Company and its subsidiaries.”

The Borders liquidation will close the company’s remaining 399 stores and cut around 10,700 employees.

Borders Group CFO Resigns

Borders.GIFBorders Group CFO Mark Bierley resigned today, announcing that he would “pursue another employment opportunity.” While the company searches for his replacement, vice president Glen Tomaszewski will serve as interim CFO.

Tomaszewski joined the bookseller 12 years ago. It has been a busy year, as he helped Borders refinance a major loan and sell Paperchase to help the company restore its financial footing.

Borders CEO Mike Edwards had this statement: “We are highly committed to driving the top line at Borders Group, while continuing to prudently manage expenses … As we conduct our search for a new CFO, I will work closely with Glen on carrying out our financial priorities, including maximizing the profitability of our stores and increasing the efficiency of our supply chain. I appreciate the continued support of all of our partners and associates during this transitional time.”