Barnes & Noble to Whittle Stores For Years
The Wall Street Journal reported that based on a recent interview, Mitchell Klipper, CEO of Barnes & Noble’s retail group, revealed that the bookseller expects to close as many as a third of its retail stores over the next decade.
The Journal notes that the chain shut an average of about 15 stores a year in the past decade, but until 2009 it also was opening 30 or more a year. The Journal said its store openings have largely dried up as consumers’ shift toward digital books has upended the market and developers have stopped opening new malls; this fiscal year it has opened only two stores.
To read the full Wall Street Journal story, click here.