Manchy
11-06-2009, 01:54 AM
Retail, especially the mall type just isn't what it used to be. Its onl the loss of 1500 jobs though so no one will notice.
Link to story:http://www.publishersweekly.com/article/CA6705797.html?desc=topstory
Borders Group is accelerating the pace of closing stores in its Waldenbooks Specialty Retail group, announcing Thursday that it will shut approximately 200 outlets in January. The retailer has been steadily closing its mall-based stores since 2001 and will have about 130 mall stores after the downsizing is completed. Stores to be closed fall under the Waldenbooks, Borders Express and Borders Outlet names. Superstores are not part of the downsizing nor is the company’s mall kiosk business and airport stores.
Borders CEO Ron Marshall said that “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.” The closing will result in the elimination of about 1,500 jobs, the majority of which, Borders said, are part-time positions.A company spokesperson said the stores slated for closing "will be fully stocked for the holidays," but will begin clearance sales in mid-December that will run into January. She had no comment on the total amount of sales generated by the stores targeted for closure.
Link to story:http://www.publishersweekly.com/article/CA6705797.html?desc=topstory
Borders Group is accelerating the pace of closing stores in its Waldenbooks Specialty Retail group, announcing Thursday that it will shut approximately 200 outlets in January. The retailer has been steadily closing its mall-based stores since 2001 and will have about 130 mall stores after the downsizing is completed. Stores to be closed fall under the Waldenbooks, Borders Express and Borders Outlet names. Superstores are not part of the downsizing nor is the company’s mall kiosk business and airport stores.
Borders CEO Ron Marshall said that “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.” The closing will result in the elimination of about 1,500 jobs, the majority of which, Borders said, are part-time positions.A company spokesperson said the stores slated for closing "will be fully stocked for the holidays," but will begin clearance sales in mid-December that will run into January. She had no comment on the total amount of sales generated by the stores targeted for closure.