The bad news for Michigan-based businesses continues to pour in. Ann Arbor-based Borders Group, one of the largest bookstores chains in America, issued a press release announcing that they are replacing their Chief Executive Officer and most of the top management in the company.
 
Ron Marshall, the founder of private equity firm Wildridge Capital Management, will replace George Jones as the company’s president and CEO. As part of his incentive package, the company announced, he will be receiving 2 million shares of company stock.

Most of the upper management for the company, including the Chief Financial Officer and Executive Vice President for Merchandising and Marketing, have also been replaced. The shakeup comes in response to a disappointing holiday sales season for the company. December 2008 sales declined 11.7% from the same month the previous year.