 |
||
|
|
||
| |||||||||||
Borders Group etc. Kmart acquired the tenants of Borders group steadily through the years; buying Waldenbooks in 1984, Borders Books in 1992, and Planet Music in 1994. When Kmart's sales continued to flag, the retail giant wove all these acquisitions into the Borders Group. While its mainframe components - Waldenbooks and Borders - are based in serious, academic Walden-pond-ish ideas, Borders Group is too aggressive to live by a "simplify, simplify" Thoreau mantra. The group, which purchased and expanded the U.K.-based Books etc. chain, has slowly phased Planet Music out of existence. Currently fighting Barnes and Noble for the No. 1 bookseller spot, Borders Group is expanding its presence in the United States, developing digital, on-demand book technology, and utilizing the Internet audience and new age technology in its mall stores. Book lover's wrath Waldenbooks began as a book rental library in 1933. Fifteen years later, founder Larry Hoyt had expanded into 250 outlets, and by 1981 was the first bookseller to operate in all 50 states. The Borders brothers, too, were solidifying their retail presence and designed a complex book-tracking software. All this built the Kmart book group and raked up a mound of critical grievance. When former Procter & Gamble executive, Harry Hoffman took over Waldenbooks in 1979, traditional book lovers were outraged by his capitalistic view of book retail as an industry of bestsellers; and by his acceptance of an entrepreneurial role in what had traditionally been the part of literary warden. In 1998, book lover rage flared up again when an association of independent retailers sued Borders and Barnes and Noble for allegedly pressuring publishers into contracts through unethical discounts and promotions. In May 1999, Philip Pfeffer, Borders' CEO and former publisher with Random House and Ingram, was forced out of the Borders Group. Borders ended its seven-month executive search in November 1999, when it announced that Greg Josefowicz would assume the CEO position. Josefowicz, formerly the head of a grocery chain, was hired due to his experience in online retailing, an area in which Borders lags behind its competitors. Tolstoy while you wait? The owners of the Waldenbooks chain, named after the Massachusetts pond that inspired Thoreau, started selling off Walden outlets in then late 1990s in favor of its burgeoning superstore chain, the second-largest in the United States. Borders sells books, music, and gifts through its Waldenbooks, Borders, and Planet Music chains. In total, Borders runs more than 1,100 retail stores throughout the U.S. and U.K. Though Waldenbooks, the nation's No. 1 shopping mall-based book chain, helped catapult Borders to the top of the heap, it has since lost its title as largest chain to Barnes & Noble. In an effort to regain the No. 1 spot, Borders is targeting the international market for growth, having thus far expanded into Europe, Australia, and Singapore. The company also runs a "bilingual" superstore in Puerto Rico. In 1999, Borders Group bought into a 20 percent share of Sprout, Inc., a company that will share its library of books in digital form that it licenses from publishers. With Sprout's digital library, Borders will be equipped to offer its customers a custom printed paperback copy of an out-of-stock book in as little as 15 minutes. The average reader will see no difference in this paperback copy and a shelf copy. Late getting online The company also launched Borders Online in 1997, a subsidiary that oversees the production of its website. The firm received (and still does receive) criticism for getting into the Internet so late (May 1998) - three years after Amazon.com was launched, and almost a year after Barnes & Noble. Both Amazon.com and Barnesandnoble.com are way ahead of Borders.com in sales. Borders points to the fact that its profitable superstores are funding the online venture so far, unlike Amazon.com, which has posted tremendous losses in order to retain its place at the top. Borders hopes to gain a larger share of the market thanks in part to deals with the Go Network and About.com. Moreover, the company is hoping that its efforts at international brick-and-mortar expansion while the others were testing the online waters will eventually pay off - three of Borders' five overseas superstores are among the its top five performers. Barnes & Noble has no plans for overseas expansion. Sell me, please Even though sales in the company's superstores have been growing steadily, investors have shunned Borders' stock in favor of Amazon and Barnes & Noble who have much more of an established online presence. In April 2000 Borders president and CEO Greg Josefowicz announced that the company had hired Merrill Lynch to explore "strategic options" which could include selling the company, claiming that the company's stock was "undervalued." Options to be reviewed included recapitalization, a leveraged buyout, or a merger. In July 2000 the company announced that it was putting off plans to be sold.
Resumes can be sent by regular mail or fax to Border's Ann Arbor corporate headquarters, attention Human Resources. Borders prefers resumes sent in response to a job posting, though blind resumes may be considered. For a complete list of openings at Border's corporate offices and its retail outlets, check out the company's job hotline. During the interview process, Borders may ask an applicant to tell them about the last book you've read. "They don't care what it is," a source says, "just that you can talk about it enthusiastically." At its retail branches, Borders is also known to give a Book Quiz where they give you a list of 50 or more books, and ask you where you would shelve them. A company insider advises that new employees at Borders should try to get hired at brand new stores. "The training you get as a new store employee is superior to the training you would get at an established store, simply because Borders has an excellent opening procedure.," the source says. "Six to 12 trainers, who fly in from across the country, a Regional Coordinator, the Managers, and you put half a million books on the shelves in two and a half weeks. It's like the marines for Lit Crit Majors."
A certain esprit de corps Although there are gripes about the low pay, employees at Borders say working for the No. 2 book chain in the US is an enjoyable experience. "If you are looking to make tons of money, Borders may not be the best avenue," one employee says. "If you're looking for job satisfaction, it may be what you're seeking." The company has "a very youthful, vibrant outlook," according to employees and "they go a long way to making us feel comfortable." A contact adds that the management "does a great job of listening." The atmosphere is described as "relaxed" and "businesslike," with "a certain esprit de corps" among the employees. A recent high profile confrontation with "media bad boy" Michael Moore about Borders wages has "been more a source of office humor than contention." Adds a contact: "I would say that Borders is the perfect post college slacker job." Divisions and dress Sources note, however, a difference in workplace environment between the two divisions of the Border group - Border Books and Music Stores and Waldenbooks stores. "The Borders people tend to be less conservative than the Waldens people, especially in dress," one says. Speaking of the dress code - there is none - which some view as "a cheap way" to keep the employees happy, considering the 50 hours a week they are expected to work. Many employees come to work clad in "shorts or jeans" and "multiple body piercings" and "no one ever wears a tie except when meeting with high-level (VP or above usually) representatives from vendors and even then it's hardly mandatory," insiders say. Borders benefits Although the pay is described as far from great, employees laud the benefits, perks, and stock plan. Says a source: "Stock options are usually granted to full time employees and if you stay in the company for a few years, these can become very valuable, depending on future stock performance - it recently hit an all-time high, thankfully." Other benefits include full medical and dental coverage, a 33 percent discount at Borders, and "a wealth of free books and compact discs."
Human Resources
Book and Music Retail
Amazon.com;Barnes & Noble More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
