Franchising is also a valid way of de-leveraging

Sir I read with interest Jonathan Birchall’s report “Borders hopes new chief can improve its story” January 6.

These mega chains, like Borders with 1,000 stores in the US, and that must have driven out of business a lot of small bookstores are clearly a result of an era where financial leverage was king. Perhaps the tide is now turning and so perhaps one financial value creating way of de-leveraging for a Border is to franchise out their operations to 1,000 individual franchise owners. One would at least hope this alternative is considered before there are further store consolidations that could leave us buyers and consumers with no leverage at all.