• November 9, 2009

Border's Group says it will close about two-thirds of its Waldenbooks stores, leaving about 130 remaining.

Calling the move a "right-sizing," the Ann Arbor, Mich.-based chain says the move will eliminate about 1,500 jobs, but will allow it to "profitably operate a much smaller Waldenbooks segment that complements our core Borders superstore business and continues to serve readers in their communities."

Back in August, its most recent quarterly results, the chain said it lost $12.7 million for the second quarter, and that sales had fallen 18% to $616.8 million.--Sarah Mahoney