Tags: Barnes | Noble | Store | Closings

Barnes & Noble To Close a Third of Stores

Monday, 28 Jan 2013 11:48 AM

By Bill Hoffmann

  Comment  |
   Contact  |
  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.

  Comment  |
   Contact  |
  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:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Raul Castro to Obama: Use Executive Action to Lift Sanctions

Wednesday, 17 Dec 2014 20:18 PM

Cuban President Raul Castro on Wednesday praised President Barack Obama's moves to restore relations with the communist  . . .

ADL: Europe Wages 'Diplomatic Intifada' Against Israel

Wednesday, 17 Dec 2014 18:44 PM

The Anti-Defamation League on Wednesday condemned as "frivolous" the European Parliament's resolution passed earlier in  . . .

US Connects North Korea to Sony Hacking

Wednesday, 17 Dec 2014 18:34 PM

Officials in the U.S. intelligence community concluded North Korea's government was "centrally involved" in the attacks  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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