And the downward slide continues…
There was a conference call this afternoon that was led by Borders Group President Mike Edwards. One of the details he mentioned was that up to 75 more stores are on the chopping block next week. The additional closures come from a group of 140 stores that “have been identified as on the bubble stores.” All stores in this group are the superstores that everyone thought was a good idea back in the ’90s.
So by the end of next week Borders could be down from 633 stores to 360 odd, which would leave the chain with about 57% of the stores it had in January.
It’s a pity that Mike won’t be required to take a a similar cut in salary; It would be poetic justice for having run Borders into the ground.