More Borders woes: Two execs resign
New York City -- On the heels of Monday’s announcement that Borders Group is delaying payments to some of its vendors, the bookseller said Tuesday that two senior-level executives have departed.
Thomas Carney, general counsel, and D. Scott Laverty, chief information officer, both resigned from their posts Monday evening.
The news was disclosed in a Securities and Exchange Commission filing Monday. Borders told the Wall Street Journal that the departures were part of its previously disclosed efforts to improve liquidity.
Borders is looking to refinance its debt, a plan that may include asking publishers to convert some of their receivables to debt, plus the infusion of new capital, and new bank lenders. The chain is setting up meetings with leading publishers in New York this week to explain its refinancing strategy.