Borders cuts merchandising jobs at U.K. stationery Paperchase
By APThursday, June 10, 2010
Borders cuts jobs at U.K. chain Paperchase
PORTLAND, Ore. — Borders Group says it has cut an undisclosed number of jobs at its stationery and gift business Paperchase in the United Kingdom.
The book and music seller said Thursday that it has eliminated the corporate merchandising roles at Paperchase to cut costs. Borders is handing the merchandising duties over to its stores, which it says have a better understanding of what their customers want.
Borders has faced a financial pinch as its sales continue to fall amid steep competition from online sellers and a recession that caused many shoppers to cut nonessentials. The company previously tried and failed to sell the Paperchase business.
Borders shares rose 31 cents, or 24.6 percent, to $1.57 Thursday.
