NEW YORK (

TheStreet

) -- Retailers are gaining on reports of aid coming to Greece.

The S&P Retail Index is rising 1% to 396.25 in afternoon trading after retail sales for the first week in February increased 1.4%, according to the International Council of Shopping Centers and Goldman Sachs.

Borders

( BGP) continues its rally, climbing 5.6% to $1.33 on no company-specific news.

There was news last week, when billionaire investor Bill Ackman of Pershing Square Capital told

CNBC

that Borders has a low chance of filing for bankruptcy and is a better stock pick than rival

Barnes & Noble

(BKS) - Get Report

.

Other notable gainers include

Big Lots

(BIG) - Get Report

, which is increasing 1.5% to $29.63,

Macy's

(M) - Get Report

, which is up 2.1% to $16.61,

Nike

(NKE) - Get Report

, which is growing 2.2% to $62.62 and

DSW

(DSW) - Get Report

, which is surging 5.6% to $26.33.

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There are some losers, despite the rally.

Blockbuster

( BBI) is declining 5.7% to 39 cents after it said that it

let go of a small percentage of its employees

this week. The layoffs affected all levels, including some senior management positions.

GameStop

(GME) - Get Report

is falling 4.9% to $18.72 after being

downgraded by Credit Suisse

.

Analyst Gary Balter lowered the video game retailer to neutral from outperform and cut his target price on the stock to $25 from $28. Balter wrote in a research note that he fears the company is in a "value trap" and does not expect much multiple expansion.

Talbots

(TLB)

is also sinking 2.9% to $10.58, while

Zale

(ZLC)

is tumbling 4.7% to $1.95 in afternoon trading.

-- Reported by Jeanine Poggi in New York.

RELATED STORIES:

>>Blockbuster Tanks on Job Cuts

>>GameStop Stuck in 'Value Trap': Analyst

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