Borders UK commercial director steps down

Kohn joined Borders in December 2006 and was responsible for leading the buying, marketing and supply chain functions. More recently, he was instrumental in developing the retailer’s transactional web site, which will launch next month.

Book buying, which was Kohn’s responsibility, will be run on an interim basis by Borders book category manager Caroline Mileham.

Borders UK chief executive Philip Downer said: “David was an important member of the management team that saw the business through its sale to Risk Capital Partners. As leader of the commercial team, he has been instrumental in helping the business to achieve positive like-for-like sales and a significant improvement in stock turn.”

Meanwhile, Borders Group in the US – which sold its UK arm to Luke Johnson’s Risk Capital Partners late last year – has announced a strategic review of the business, which could include the sale of the company.

Borders Group has received a financing commitment from Pershing Square Capital Management to lend US$42.5 million (£21.4 million) to the company and an offer to purchase certain international businesses owned by the retailer.

Borders Group chief executive George Jones said: “We believe that consummation of the transactions under the commitment will make us fully funded for 2008, where absent these measures, liquidity issues may otherwise have arisen in the next few months.”

In the fourth quarter to February 2, income from continuing operations at Borders Group was US$84.7 million (£42.8 million), compared with US$87.7 million (£44.3 million) the previous year.