, D. Scott Laverty

While Barnes & Noble touts stellar holiday sales, rival Borders continues to teeter on the verge of a bankruptcy filing. Widespread reports indicate Borders CEO Mike Edwards is meeting with publishers in New York this week to get their sign off on a plan to refinance debt and suspend payments. In response, one major distributor, the National Book Network, said it will suspend book shipments to the retailer. 

SAN FRANCISCO -- Two top executives at Borders Group Inc. have resigned, the company disclosed in a regulatory filing on Monday. The book retailer said executive vice president and general counsel Thomas Carney resigned on Sunday, while Chief Information Officer D. Scott Laverty resigned on Monday. Borders did not say why the executives have left. Shares of Borders fell more than 11% in after-hours trading at 85 cents. The company announced last week that it has stopped paying bills to some vendors, as it seeks to refinance debt. Copyright © 2011 MarketWatch, Inc.

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