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WALDENBOOKS LATEST RETAILER TO CLOSE AT MALL

By Amy Riggin/OF THE COMMERCIAL STAFF
Monday, April 6, 2009 9:55 AM CDT

A spokeswoman for Waldenbooks said that the retailer plans to close its store in The Pines mall April 30 because it is no longer profitable.

“Since before 2006 we’ve been implementing an initiative to right-size our Waldenbooks Specialty Retail segment,” spokeswoman Mary Davis said Friday. “We look at stores on a case-by-case basis to determine if they’re meeting our profit objectives.

“No retailer can afford to operate retail stores that are not profitable and that is the case with this Pine Bluff Waldenbooks store.”

Davis said the closure is one of many being made across the board by parent company Borders Group Inc. of Ann Arbor, Mich., and is not related to the recent slumping economy.

She said she did not know how many people work at the local store, but said the stores typically employ about 10 people.

Employees at Waldenbooks referred questions to company headquarters.

“We try to place employees who are in good standing with the company at nearby stores if possible, and if open positions are available,” Davis said. “We appreciate the work that our employees have done and we think they do a great job.”

According to the company Web site, www.borders.com, only two stores are located in Arkansas: A Waldenbooks in Fort Smith and a Borders in Rogers.

Borders Group (NYSE: BGP) is a publicly held company with 2008 consolidated sales of $3.2 billion, down 8.8 percent from 2007.

Kids Foot Locker, Lady Foot Locker and F.Y.E. have closed their stores at The Pines since January. The Pine Bluff Police Department also plans to move its patrol division out of the mall and into a new space at 511 Commerce Road.

General Growth Properties Inc. (NYSE: GGP) of Chicago, Ill., the owner and manager of The Pines, is facing billions in loans it cannot refinance and may be forced into bankruptcy. The second-largest U.S. mall owner has not commented on recent closures at The Pines and has continued to maintain that the mall will not close.

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