Valley View Center Loses One More Tenant, as Borders Closes the Book on Waldenbooks
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."