Tags: Barnes | Noble | Store | Closings

Barnes & Noble To Close a Third of Stores

Monday, 28 Jan 2013 11:48 AM

By Bill Hoffmann

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
In a major blow to book lovers, Barnes & Noble will shutter up to a third of its stores over the next 10 years.

The national chain will pare down to 450 to 500 stores from the 689 brick-and-mortar stores it currently has has now, Mitchell Klipper, chief executive of Barnes & Noble's retail group told The Wall Street Journal.

That’s about 20 stores being closed annually.

Over the past decade, Barnes & Noble closed 15 stores a year — but that was offset by the company opening at least 30 new stores each year until 2009.

The announcement comes amid less-than-encouraging sales figures. The Journal reports that the company’s latest holiday revenue was down 10.9 percent compared to the previous year. And last year, the sales of print books fell by 9 percent.

Its e-book devices have also taken a sales hit. Earlier this month, Barnes & Noble reported that sales of Nook products declined during the last holiday period due to lower unit volume and average selling prices.

But Klipper is optimistic about the business, noting that Barnes & Noble stores are still very profitable, pulling in a pre-tax $317 million in fiscal 2012. In addition, people enjoy searching for books in the company’s stores.

"When you go to Bed Bath & Beyond, you don't sit down on the floor and curl up with your blender and your kid," Klipper told the Journal.

And even with 450 to 500 stores, "it's a good business model. You have to adjust your overhead, and get smart with smart systems. Is it what it used to be when you were opening 80 stores a year and dropping stores everywhere? Probably not. It's different. But every business evolves."




 

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Shaheen Ad Linking Brown to 'Big Oil' Blasted for Hypocrisy

Friday, 29 Aug 2014 11:58 AM

New Hampshire Democratic Sen. Jeanne Shaheen is accusing her GOP opponent Scott Brown of having ties to "Big Oil" while  . . .

Elizabeth Warren Defends Israeli Shelling of Gaza Schools, Hospitals

Friday, 29 Aug 2014 11:52 AM

The Israeli military has the right to attack Palestinian hospitals and schools in self defense if Hamas has put rocket l . . .

NBC: Chelsea Clinton Quits as Reporter

Friday, 29 Aug 2014 11:14 AM

Chelsea Clinton is quitting her job as a reporter at NBC News.Bill and Hillary Clinton's daughter has been working at th . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved