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April 16, 2009By Michael Cader

Borders Drops Stock Split for Now; Will Clean Out Board

April 16, 2009By Michael Cader

With its shares trading at over $1 per share for almost two weeks now, Borders has decided not to ask shareholders to approve a reverse stock split at the company’s annual meeting on May 21. (The NY Stock Exchange has also decided to temporarily suspend the dollar-per-share minimum for all companies.) Borders also announced a sweeping change in the composition of its board. Two positions will be eliminated as it shrinks to eight members–and five directors who will still stand for re-election intend to “step down over the coming months as suitable replacements are found.” They have so many openings […]

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Filed Under: Bookstores, Finance

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