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Nov 06 2009
As Barnes & Noble prepares to close all but two of their B. Dalton mall stores by January 2010, Borders announced that they will close about 200 of the remaining mall-based Waldenbooks outlets in January, which will result in the loss of about 1500 mostly part-time jobs. This will leave Borders with about 130 mall-based locations.
Borders CEO Ron Marshall says, "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. Through this right-sizing, we will reduce the number of stores with operating losses, reduce our overall rent expense and lease-adjusted leverage and generate cash flow through sales and working capital reductions."
When you are growing up there are two institutional places that affect you most powerfully: the church, which ...
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