Jan 28 Barnes & Noble Inc expects to
shut down as many as a third of its retail stores over the next
decade, Mitchell Klipper, chief executive of the company's
retail group, told the Wall Street Journal in an interview.
"In 10 years we'll have 450 to 500 stores," Klipper told the
Journal. The company had 689 retail stores as of Jan. 23, along
with a separate chain of 674 college stores.
Even with 450 to 500 stores, "it's a good business model,"
Klipper told the WSJ.
"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," Klipper said.
Barnes & Noble, which had enjoyed a sales bump after
one-time rival Borders Group liquidated in 2011, reported a 10.9
percent decrease in sales at its bookstores and on its website
over the holiday period.