New ETF Book by Larry Connors - Click here to read more
Borders Group will close approximately 200 Waldenbooks and Borders Express stores, including stores at malls in Bluefield and Morgantown.
Additionally, the company is going to cut around 1,500 jobs to make the chain more profitable.
"About 75 percent of those jobs will be part-time," Mary Davis, public relations manager for Borders Group, said Friday. "That number might fluctuate somewhat up or down as we finalize details, but these stores will be closed in January."
The company said the closing will not affect any Borders airport locations or seasonal mall kiosks, and the store at Crossroads Mall in Beckley will not be closing.
"Our goal with this rightsizing is to emerge with a much smaller, more profitable Waldenbooks mall business that complements our core Borders superstore business," Davis said. "Taking that a little farther, it really allows us to reduce the amount of stores with operating losses and overall rent expense."
According to Davis, the closings will leave around 130 stores in Waldenbooks Specialty Retail Segment still in business. The segment includes Waldenbooks, Borders Express stores, as well as Borders Outlet locations.
Borders said it expects a smaller Waldenbooks segment to be profitable.
"We want to move forward with a viable mall business that is a good complement to our superstore business," Davis said. "We think it's a good overall strategy for our total business."
According to the company, previously purchased gift cards will be valid as long as the stores remain open, and at any Borders, Waldenbooks or www.borders.com.
-- E-mail: cclark@register-herald.com
To see more of The Register-Herald or to subscribe to the newspaper, go to http://www.register-herald.com. Copyright (c) 2009, The Register-Herald, Beckley, W.Va. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
