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Book It: Borders To Add 55 New Stores A Year

ANN ARBOR, MI-The book retailer plans on doubling its current store total of 355 and

By Robert Carr | Updated on October 31, 2001

ANN ARBOR, MI-Borders Group Inc., one of the nation’s largest book retailers, is continuing with its massive store expansion plan of about 55 per year for the next seven years, more than doubling its current stock of 355 stores internationally. The company plans on opening 45 stores annually in the US and 10 stores per year in countries that currently have stores, such as the UK, Australia, Singapore, New Zealand and Puerto Rico.

Ann Binkley, director of public relations for the company, tells GlobeSt.com the company plans on spending $130 million on capital expenditures each year, with 65% of that money going toward the new stores.

There has been some concern that holiday sales will be low because of economic woes and fear following the Sept. 11 terrorist attacks, and the company has been more careful with its spending, says Borders Group President and CEO Greg Josefowicz. He adds the company plans to continue to assess expenditures as events continue to unfold and their impact on the company’s performance is assessed.

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