Home > Uncategorized > Barnes and Noble Places in USAToday’s Top 8 List of Projected Store Closings

Barnes and Noble Places in USAToday’s Top 8 List of Projected Store Closings

USA TodayYou would think that the Borders closing would benefit Barnes and Noble, but in a list of eight retailers likely to close store locations, the bookseller rates a mention.

5. Barnes & Noble
> Forecast store closings: 190 to 240, per company comments

> Number of U.S. stores: 689
> One-year stock performance: 8.95%

The move away from print books toward digital books has hurt Barnes & Noble (NYSE: BKS). Same-store sales during the nine-week holiday season fell 8.2% year-over-year. The bookseller has tried to offset the declines in physical book sales with its Nook e-book reader device, but sales of that device fell 13% compared with the previous year. The company already has begun cutting the number of stores in the past several years. In a recent interview with the Wall Street Journal, the head of the retail group at Barnes & Noble said he expected the company to have just 450 to 500 retail stores in 10 years.

Read the entire article here.

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