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Borders Press Release
Filed under: Stories
June 20, 2003
Contact: Chris Conry at (612) 221-4852 or chrisconry2000@hotmail.com.
United Food and Commercial Workers Union Local 789
Jason Evans at (612) 272-5790 or jason@supersphere.com.
Borders Books - Uptown
How do you make $150,000,000 disappear?
Employees ask Borders' CEO this question at Harry Potter release parties.
What: The Harry Potter Handbill
When: Friday, June 20, 2003 from 10pm to 1am.
Where: Borders Bookshop - Uptown - 3001 Hennepin Ave., Minneapolis, MN
Employees of the Minneapolis Uptown Borders and their community allies will be distributing leaflets to customers who attend the store's Harry Potter midnight release party. Employees will be asking Greg Josefowicz, CEO of Borders Group, Inc., why he spent $150,000,000 on a stock repurchase scheme while refusing to pay sixteen employees $9.33 an hour.
Currently negotiating a first union contract with the United Food and Commercial Workers Union Local 789, these employees are demanding that Borders Group, Inc. pay the City of Minneapolis' living wage standard of $9.33/hr. In meetings on June 18th, attorneys for Borders Group, Inc. refused to budge on wage rates and offered employees the rates they currently get with increases set at the employer's discretion.
UFCW Local 789 President Don Seaquist explains, "The proposal was totally unacceptable. What Borders offered us was essentially the employee handbook in different language. The issue here is not one of money, but of priorities. The money is there; it's just a matter of who gets it. Should it go to the institutional shareholders or should it go to the people who do the actual work?"
On May 20th, 2003 Borders Group, Inc. authorized a $150,000,000 expenditure to allow the corporation to repurchase its own stock on the open market. This one-time repurchase scheme is a give-away to shareholders designed to drive up the company's ailing stock price. While investors, by and large, remain unimpressed by the move, its impression has been felt locally: For CEO Greg Josefowicz, mutual funds are more important than Minnesota workers.
# # #
Posted by Paul Demko at June 20, 2003 3:35 PM
« 'Every Revolution Starts With Some Drunk Fucks' | Main | Harry Potter Protest »
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