Borders (NYSE:BGP) announced late Monday the resignation of two top executives, a sign the bookseller is continuing to suffer amid economic woes and ailing sales.

Thomas D. Carney, Borders’ general counsel and secretary, left the company on Sunday, a day later, D. Scott Laverty resigned as chief information officer.

The move follows budgetary issues as the nation’s second-largest bookseller, behind rival Barnes & Noble (NYSE:BKS), continues to struggle under mountains of debt. The Ann Arbor, Mich-based company has had to delay payments to some vendors in an effort to maintain cash on hand.

While Borders has been reporting quarterly losses for years, it posted a much larger-than-expected third-quarter loss last month, heightened by a sharp decline in sales.

The company, whose investors have been pondering a takeover of rival Barnes & Noble, faces steep competition from the larger bookseller, which introduced its Nook e-reader last year. It also faces rising competition from tech retailers like (NASDAQ:AMZN).

Barnes & Noble, which recently reported its largest sales day in its 40-year history, put itself up for sale in August, expressing its belief that the company's shares were undervalued.  

At the end of last year, Borders' largest investor, William Ackman offered to finance a Barnes & Noble takeover for as much as $900 million.