Ex-Borders CEO: Liquidation announcement 'most humiliating moment of my career'
When Borders Inc. CEO Mike Edwards had to tell employees that the 40-year-old Ann Arbor-based bookstore chain had decided to liquidate, he couldn't help but get emotional, according to the Detroit News.
"It was the hardest, most humiliating moment of my career," Edwards told the Detroit News in a going-away interview. "I felt sick."
Melanie Maxwell | AnnArbor.com
Less than two weeks after Borders announced its liquidation in July, Edwards was "voluntarily terminated" as president of Borders Group Inc. and CEO of its bookselling subsidiary Borders Inc.
He recently declined an AnnArbor.com interview request sent through social media, saying he was "moving back to the West Coast and getting on with my life." A U.S. Bankruptcy Court judge recently approved a $125,000 severance payment to Edwards.
In the interview with the Detroit News, Edwards said it was frustrating to see Borders fall into disrepair.
"It was like finding out your best friend has cancer and there's nothing you can do," said said Edwards, who spent about two years as a Borders executive and about one as CEO of the bookselling unit. "We were in perpetual crisis."