engine - 8:37 pm on Mar 23, 2007 (gmt 0)

The Borders Group, one of the nation's largest book retailers, announced a new strategic plan Thursday to close nearly half of its Waldenbooks stores, sell off or franchise most of its 73 overseas superstores, sever its relationship with Amazon.com and start its own online retail site. The company also reported a dismal fourth quarter that ended with a loss of $73.6 million, in contrast to a profit of $119.1 million in the period the year before.

Borders Closes Stores, Start Own Web Retailing [news.com.com]