Updated: 11/6/2009 4:52:39 PM
A well-known bookstore is being downsized and replaced by a newer chain.
The Waldenbooks in Knoxville Center Mall and Kingsport are two of 200 Borders Group's mall stores closing in January, eliminating about 1,500 positions nationwide. According to a company statement, displaced employees will receive severance.
It's part of the company's plan to downsize its Waldenbooks segment and create a smaller, more profitable mall chain next year. The closures will leave about 120 mall-based locations open.
This restructuring doesn't affect Borders superstores or the company's seasonal mall kiosk business.
As long as the stores remain open, the company will honor all previously purchased gift cards. They can be used in any Borders or Waldenbooks or Borders.com. According to the release, there will be no change in member status in the Borders Rewards customer loyalty program at the locations slated to close.
