RETAILING
From Times Staff and Wire Reports
Kmart Shakes Up Bookstore Operations: In an effort to lure affluent younger readers, Kmart Corp. said it will close 187 of its 1,216 Waldenbook stores and upgrade its Borders super stores to a popular book and music format. The new format will combine books and music in a casual setting with novelties such as coffee bars and children’s reading centers. The move comes as Kmart is putting the finishing touches on a plan to sell up to a 30% stake of the combined Borders-Waldenbooks to raise cash for its core discount store operation. Troy, Mich.-based Kmart acquired Borders in 1992 to strengthen its role as the nation’s largest book retailer and compete with the growing popularity of Barnes & Noble’s super stores.
