A Friend of Unfair Park sends word: Borders Group is removing from its shelf 200 Waldenbooks locations across the U.S. -- including, as you can tell from the headline, the longstanding Valley View Center location, which opened in October 1999. Employees there only found out about the closure, scheduled for January, yesterday. Per the list of closings, the Borders Express in Collin Creek Mall will also vanish after the holidays, as will the Waldenbooks in Ridgmar Mall in Fort Worth.
The closings are what Borders Group CEO Ron Marshall calls "right-sizing," as in: "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 release does say the list is subject to change, but Borders has been closing Waldenbooks by the dozens in recent years. This leaves 130 Waldenbooks and Borders Express locations after January, none in the DFW.
Bonnie Schmick, spokesperson for Borders, says "we're going to make every effort to place employees in open positions within other Waldenbooks and Borders Express, as well the Borders superstores. And those we are not able to place will receive severance."
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