Borders to Close 200 Waldenbooks Stores
Borders Group Inc. will close 200 Waldenbooks stores in January, cutting 1,500 jobs. The company plans to focus on more profitable superstores, and will leave only about 130 mall-based stores open. Borders shut down 112 stores during the 2008 fiscal year, and closed an average of 66 stores per year between 2001 and 2007. CEO Ron Marshall said, “We believe there remains an opportunity to profitably operate a much smaller Waldenbooks segment that complements our core Borders superstore business and continues to serve readers in their communities.”
For more, see this USA Today story on the Waldenbooks closings.