Borders Group to close approximately 200 mall stores in January 2010

Fri. November 06, 2009; Posted: 01:05 PM

Nov 06, 2009 (Datamonitor via COMTEX) -- BGP | Quote | Chart | News | PowerRating -- US-based specialty book retailer Borders Group has announced that as part of its ongoing strategy to right-size its Waldenbooks Specialty Retail segment and emerge with a smaller mall chain in fiscal 2010, it will close approximately 200 mall stores in January 2010, leaving up to 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 units, among other mall-based retail concepts, the company said.

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, added Borders Group.

With the store closings in January 2010, approximately 1,500 positions, the majority of which are part-time jobs, will be eliminated.

Ron Marshall, CEO of Borders Group, said: "America has a number of malls that continue to do well and draw customer traffic even in the current economy. 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."

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For full details on Borders Group Inc (BGP) click here. Borders Group Inc (BGP) has Short Term PowerRatings of 3. Details on Borders Group Inc (BGP) Short Term PowerRatings is available at This Link.

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