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News Breaks
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November 6, 2009
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| 05:58 EDT |  | BGP |
| theflyonthewall.com: | Borders to close about 200 Waldenbooks stores in January | | As part of Borders Group's ongoing strategy to right-size its Waldenbooks Specialty Retail segment and emerge with a smaller, more profitable mall chain in fiscal 2010, the retailer will close approximately 200 mall stores in January, leaving approximately 130 mall-based locations open. The announcement does not include Borders superstores or the company's seasonal mall kiosk business, which includes over 500 Day by Day Calendar Co. units, among other mall-based retail concepts. Stores that remain open will be integrated into the Borders superstore computer system, an investment Borders Group is making to merge all stores to a single platform. This is expected to produce operating efficiencies as well as benefits for mall shoppers, including enhanced store staff capabilities to search for and fulfill customer requests. With the store closings in January, approximately 1,500 positions--the majority of which are part-time jobs--will be eliminated. Employees have been informed of the right-sizing plan and efforts will be made to place qualified individuals in other positions within Borders Group. Displaced employees will receive severance. :theflyonthewall.com |
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