Waldenbooks was a bookstore chain. The Walden Book Company, Inc., a subsidiary of Borders Group operated this shopping mall based bookstore. Their portfolio also includes a software and video game chain. The store was founded by Lawrence Hoyt in 1933. Initially the store served as a rental library that offered its exclusive services from more than 250 locations. The first bookstore was opened in 1962. Within 1981, this has become one of the greatest bookstore chains of the nation with branches in every state. The store expanded its business through acquisition. They acquired Broadway Hale Stores, Brentano's Chain. In 1985, Kmart acquired the stores and in 1994, Waldenbooks was merged with Border.