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 Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs

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dtpollard
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dtpollard


Number of posts : 636
Registration date : 2008-06-08

Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs Empty
PostSubject: Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs   Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs EmptyFri Nov 06, 2009 1:02 pm
Borders (BGP) announced Thursday afternoon that it will close 200 of its Waldenbooks stores by early January, cutting as many as 1,500 jobs, most of them part-time. The move is intended as part of Borders's ongoing plan to streamline costs and find its way out of a money pit that's plagued it for years and led to a flurry of executive shuffles.

The shutdown will leave 130 of the mall-based WaldenBooks stores in operation; 45 branches had closed since the end of May.

"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," Borders CEO Ron Marshall said in a statement. The closings, he said, "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."
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alice
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alice


Number of posts : 15672
Registration date : 2008-10-22
Age : 76
Location : Redmond, WA

Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs Empty
PostSubject: Re: Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs   Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs EmptyFri Nov 06, 2009 2:00 pm
Bummer!
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dmondeo
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dmondeo


Number of posts : 1485
Registration date : 2009-02-15
Age : 69
Location : UK

Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs Empty
PostSubject: Re: Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs   Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs EmptyFri Nov 06, 2009 2:57 pm
Borders are struggling over in the UK as well.
They have been closing down a lot of their Book Etc stores.
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joefrank
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joefrank


Number of posts : 8210
Registration date : 2008-11-04
Age : 75
Location : Santa Fe, New Mexico, USA

Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs Empty
PostSubject: Re: Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs   Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs EmptyFri Nov 06, 2009 3:06 pm
11/6/2009

I guess now the un-employment in this
country will go to 11 % next month, it
doesn't seem to stop , now there are over
16 Million people un-employed and they
claim it'll get worse in 2010 !

Cheers..Joe
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Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs Empty
PostSubject: Re: Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs   Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs Empty
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Borders to Close 200 Waldenbooks Stores, Cut 1,500 Jobs
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