Barnes & Noble plans to close a third of its stores
8:01 AM, Jan 29, 2013
NEW YORK (AP) - Barnes & Noble reportedly plans to continue to shrink its store base.
In a Wall Street Journal interview, the head of Barnes & Noble's retail group, Mitchel Klipper, said that the company will have 450 to 500 stores in a decade. That's down from about 689 currently.
Klipper said the chain plans to close about 20 stores a year over the period.
Barnes & Noble is the largest traditional U.S. bookstore operator. But it has been facing tough competition from online retailers and discounters. It has been focusing on its Nook tablet and e-book business for growth.
A spokeswoman for Barnes & Noble said Klipper's remarks don't mark any change in its store closing plan.
Its shares dropped 32 cents to $12.85 in midday trading Monday.