Borders May Close Hundreds of Waldenbooks Stores

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By Jason Boog Comment

308.jpegIn a conference call with investors, Borders Group CEO Rob Marshall said the company is considering reducing the 300 Waldenbooks stores around the country to just 50 or 60 stores eventually. Click here for an update on this post.

According to Yahoo News, this was the first time the CEO spoke with investors since he took the job in January. The news followed a near 13 percent drop in total sales last quarter.

Here’s more from the article: “His comments came a day after Borders posted a 57 percent drop in quarterly earnings, though that was not as bad as analysts had expected … The company plans to cut expenses by $120 million in the current fiscal year, compared with a year earlier.” (Via Publishers Weekly)