Business News - 200 Waldenbooks outlets to close

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200 Waldenbooks outlets to close

ANN ARBOR, Mich. (UPI) -- U.S. retailer Borders Group Inc. said it would close 200 Waldenbooks outlets in a cost-cutting move that would eliminate 1,500 jobs.

"We are working toward a viable, smaller but more profitable business," Borders spokeswoman Anne Roman told The Detroit News.

Both independent and chain book stores are struggling as more and more content becomes available through digital venues, like the Internet or hand held electronic readers, like the Kindle.

After the cuts, Borders would be left with about 130 Waldenbooks outlets.

Retailers are expecting a slow holiday shopping season. Last year, Borders holiday sales for stores that had been open for more than a year fell 14.4 percent compared to 2007, the newspaper said.

Copyright 2009 by United Press International

This news arrived on: 11/06/2009

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