Dollar stores, pet retailers, bookstores express interest in Borders stores throughout country
Early interest in soon-to-be-vacant Borders superstores throughout the country is coming from a wide variety of retailers and some prospective office tenants, a liquidation executive told Bloomberg TV today.
The Borders superstore on Lohr Road in Pittsfield Township is one of the leases DJM Realty will try to auction off.
Nathan Bomey | AnnArbor.com
He told Bloomberg TV that he expected 90 percent of the assigned leases to go to retailers.
DJM plans to hold auctions in August and September for Borders leases, which average about 25,000 square feet. Borders is closing 399 stores as part of its liquidation, with going-out-of-business sales starting today.
"How much of it’s going to go? It’s a little early to tell. But there’s certainly going to be a high level of interest," Graiser said.
In Washtenaw County, DJM will try to auction off leases for the flagship Borders store in downtown Ann Arbor and the superstore on Lohr Road in Pittsfield Township.
Click here to watch the Bloomberg TV report.
Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.
Comments
shepard145
Sat, Jul 23, 2011 : 8:11 p.m.
Rob – get a clue. You appear to be claiming that if this Borders CEO and Board could not move the company forward, it was doomed. That is the Granholm/Pelosi/Obama doctrine: if you have enough bad ideas and a failing economy long enough, things will turn around and those who have been lucky enough to be targeted for success will achieve it ….but don't look behind the curtain. Top tier CEO's don't play by the rules you're aware of, which is why we earn they money, huge bonuses, corporate jets and golden parachutes. Because of their talent, millions of Americans enjoy consistent employment and a relatively high standard of living. I also agree that Boards who grant such rewards to CEO's who cannot deliver, have failed their share holders and should face the consequences. Whycantwebebuddies.. – I agree with the low expectations you have for obama and his staff of nitwits, which is why he should never have been voted into office in the first place. Otherwise - have another obama flavored glass of steaming hot Kool Aid.
Jeff Richard
Sat, Jul 23, 2011 : 3:49 a.m.
In regard to Shepherd 145 comments... no teaching moment here. The profit margins of the book sales industry have fallen to 4.5%. All book sellers are failing, it's just a question of how quickly. Arguably, Borders failed quicker than others due to large outlays of cash to try to reinvent themselves. Nothing is going to save this industry at this point, they might as well be trying to sell vinyl records.
shepard145
Sat, Jul 23, 2011 : 3:30 a.m.
I dropped by the AA Saline Road store this evening. The computers are gone and the staff seems bewildered - the customers seemed to be rifling through the books like it was garage sale - what a bummer. For those few remaining obama lovers out there who continue to traffic in the class warfare rhetoric of over paid CEO's, this is a wonderful teaching moment for you. Years ago, Borders failed to attract one of those private jet CEO's with the vision and talent they needed. As a result, about 10,700 working people will now lose their jobs in addition to an unknown number of related losses and the trauma caused by cancelled long term leases. Obama has no experience or understanding of the business world and anyone with a functioning brain should be chilled to the bone that they've elected such a man. If your company is well run and stable in obama's failing economy, stop worrying about what they are paid and be grateful to your CEO and Board because but for them, you could be sharing Borders' fate.
shepard145
Sat, Jul 23, 2011 : 8:12 p.m.
Rob – get a clue. You appear to be claiming that if this Borders CEO and Board could not move the company forward, it was doomed. That is the Granholm/Pelosi/Obama doctrine: if you have enough bad ideas and a failing economy long enough, things will turn around and those who have been lucky enough to be targeted for success will achieve it ….but don't look behind the curtain. Top tier CEO's don't play by the rules you're aware of, which is why we earn they money, huge bonuses, corporate jets and golden parachutes. Because of their talent, millions of Americans enjoy consistent employment and a relatively high standard of living. I also agree that Boards who grant such rewards to CEO's who cannot deliver, have failed their share holders and should face the consequences. Whycantwebebuddies.. – I agree with the low expectations you have for obama and his staff of nitwits, which is why he should never have been voted into office in the first place. Otherwise - have another obama flavored glass of steaming hot Kool Aid.
A2comments
Sat, Jul 23, 2011 : 12:49 p.m.
Amazing...
Rob
Sat, Jul 23, 2011 : 12:48 p.m.
There are plenty of large, successful retailers withe CEOs who don't make that much money. The top executive of Publix (a large supermarket chain In the south) makes high six-figures, the store employees all get health insurance, and the company is doing fine. It doesn't take ridiculous executive compensation at the expense of fair wages for other employees to attract an innovative CEO.
WhyCan'tWeBeFriends
Sat, Jul 23, 2011 : 6:10 a.m.
President Obama has nothing to do with Borders failure. He has been in office for about 2.5 years. Did Borders fail that fast? I'd blame Amazon, and Border's lack of vision, not Obama. Nice try though.
Goofus
Sat, Jul 23, 2011 : 12:53 a.m.
A Dollar Store at one of Ann Arbor's busiest interchange and retail corridors.. Yep. The recession is on the mend.
Tom Joad
Sat, Jul 23, 2011 : 12:01 a.m.
Dollar Store? America has sunk to new depths. Even the dollar stores are having a tough go in this economy.
rosy12
Fri, Jul 22, 2011 : 11:10 p.m.
Good God I hope its not ANOTHER dollar store!
mojo
Fri, Jul 22, 2011 : 9:56 p.m.
Would be interesting to know the monthly rent numbers?