Tag Archives: Borders

General News

Bye bye Borders

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Sad news:

Looks like it’s time to close the book on Borders.

The bankrupt bookstore chain will likely begin the liquidation process after it couldn’t come to terms with a bidder that would have kept its 399 nationwide stores operating.

The second-largest book chain behind Barnes & Noble is asking the U.S. Bankruptcy Court in Manhattan to approve a proposal from Hilco Merchant Resources and Gordon Brothers to buy store assets. Liquidation sales could begin Friday.

Borders in Peoria is located in the Shoppes at Grand Prairie.

Books, Business

Waldenbooks in Peoria to close this month

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Waldenbooks in Peoria's Northwoods MallWaldenbooks in Northwoods Mall is closing for good this month.

Waldenbooks’ parent company Borders Group, Inc., released a statement in November 2009 that it would be closing 200 Waldenbooks stores this month in order to improve the chain’s profitability. Borders Group, headquartered in Ann Arbor, Michigan, lost $39 million the third quarter of 2009. Border Group CEO Ron Marshall explained, “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.”

Also closing this month are Waldenbooks stores in Aurora, Calumet City, Danville, Gurnee, Joliet, Lincolnwood, Marion, and Sterling. The Waldenbooks in Galesburg closed a year ago this month. The Borders superstore in the Shoppes at Grand Prairie is unaffected.

The history of Waldenbooks in a nutshell: In 1933, Lawrence W. Holt and Melvin T. Kafka founded a company “they believed would help people cope with the effects of the Depression. Specifically, Holt and Kafka’s new company lent popular books for three cents a day, saving people the cost of purchasing.” This sounds similar to the way we rent movies and video games today. Once cheap paperback books started being published in the 1950s, Kafka retired and Hoyt took over the company. In 1962, the company started opening retail stores — selling books instead of renting them. It was named after the book Walden by Henry David Thoreau. The company was acquired by a retail conglomerate called Carter Hawley Hale in 1969. It was acquired by many other companies over the years, including K-Mart, which also acquired Borders. In 1995, Borders and Waldenbooks initiated a public offering, eventually buying out K-Mart’s ownership interest.

I’m not sure when Waldenbooks opened in Northwoods Mall, but it wouldn’t surprise me if it were an original tenant. It’s been there as long as I can remember. Its departure will leave Northwoods without any bookstore. The mall’s other bookstore, B. Dalton Booksellers, closed several years ago after its parent company, Barnes & Noble, built a superstore in the Glen Hollow shopping center.