Sinking ship pays $1 million to stay afloat!!!

[ellen_datlow]

I just read in Publishers Weekly that new Borders CEO Ron Marshall will get $1 million base salary plus signing bonus for the first of his three year contract. Then, for the next two years he only gets $750,000. Gee, I'm definitely on the wrong end of publishing.

Comments

[aimeempayne.livejournal.com]

Borders started going downhill in 2000 when they restructured their store management out of existence. They hired high school students at minimum wage, and focused on stocking massive quantities of best sellers instead of a wider range of titles. They stopped promoting from within, instead preferring to hire general managers from stores like Sears Hardware.

I'm not bitter or anything.

[ellen-datlow.livejournal.com]

That'll do it every time.

[(Anonymous)]

Is it just an illusion that B&N is in better shape, or are they just better at hiding their wounds? - MarcL

[ellen-datlow.livejournal.com]

Well B&N just laid off a bunch of people at their corporate offices in NYC...

B&N Cuts 4% at Corporate HQ
by Jim Milliot
For what it says is the first time in its history, Barnes & Noble has implemented a large scale downsizing in its corporate headquarters in New York. The retailer eliminated about 100 positions at its headquarters, approximately 4% of its New York workforce. Spokesperson Mary Ellen Keating said the cuts were across all areas of the company and stemmed from reduction in new store openings and the consolidation of support areas of B&N’s online and retail businesses. B&N plans to open only 15 new outlets in 2009 compared to 35 in 2008