Borders names former casino executive as CFO

AP News
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Posted: Oct 18, 2010 5:06 PM
Borders names former casino executive as CFO

Bookseller Borders Group Inc. named a former Las Vegas Sands executive as chief financial officer on Monday.

Forty-five-year-old Scott Henry begins immediately. He was most recently president of financial consultancy S.D. Henry Strategic Services. Before that he was an executive at casino operator Las Vegas Sands Corp. There he held a number of titles including chief financial officer.

The move is the latest management change since Bennett LeBow invested $25 million in the company in May and became the company's CEO and largest shareholder.

Henry replaces Glen Tomaszewski, who had been interim CFO since Mark Bierley resigned in August to take another job.

Struggling with tough competition from online retailers such as Amazon.com and discount stores, Borders reported in September a slightly larger loss in second quarter The company plans to start selling more items besides books as it readies for the crucial holiday season. It also plans to close underperforming stores.

Since LeBow came aboard, Borders has made a variety of moves to shore up its business, including selling its Paperchase stationery unit and introducing an electronic bookstore.

Borders shares dipped 3 cents to $1.40. The stock has traded between 85 cents and $3.29 during the past year.