Borders cut another 136 corporate jobs, or about 12% of its corporate work force, as the struggling books and music retailer looks to cut costs.

Earlier this month, the company eliminated several high-level corporate positions to reduce management layers.

New CEO Ron Marshall called the layoffs a necessary step as the company tries to get back on track financially.

Last month, Borders ousted its chief executive and his management team, installing Marshall, who has a strong financial background.

The book chain, like almost all retailers, had a disappointing holiday season. Last March, the company disclosed it faced a potential liquidity crunch and put itself up for sale. Despite its weak stock price, Borders couldn’t find a buyer.