Borders Revamps at Top
In one of his first moves, new Borders CEO George Jones has reorganized his executive management team. Cedric J. Vanzura, president of Borders Group International, has been named president of emerging business, strategy and technology. Vincent E. Altruda, president of Borders USA, is now president of Borders Worldwide. Michael Tan, senior v-p and chief marketing officer, will now report to Jones. Senior v-p and CFO Edward W. Wilhelm will take on the additional responsibility of supply chain oversight.
Tower Files Chapter 11
Once again Tower Records has filed for Chapter 11 bankruptcy protection. The music and video chain launched an online bookstore this past March, and is hoping to find a buyer. The company has assets and debts of over $100 million; Baker & Taylor and Ingram are among its biggest creditors.
Fisketjon Wins Prize
Knopf v-p and editor-at-large Gary Fisketjon has won the 2006 Maxwell E. Perkins Award for "excellence in the field of fiction.
Bookstore Revival
The Elm Street Bookstore in New Canaan, Conn., which closed in March, has reopened in a better location. The new 1,700-sq.-ft.-store is now in the middle of a crowded business district.
Correction
In a chart accompanying the story "Marginal Profit Improvement in '05," in last week's issue, the revenue and income for both Penguin and Pearson Education should have been indicated in pounds, not euros.
