Barnes & Noble to Close Up to 1/3 of Stores Over Next Decade
Posted on January 28, 2013The Wall Street Journal is reporting that Barnes & Noble plans to close as many as 1/3 of its stores over the next decade. Barnes & Noble retail group CEO Mitchell Klipper told the Journal that they plan to have just 450 to 500 stores in ten years. The store number peaked at 726. The retailer's revenue fell 11% last year.
The retailer will likely look to close stores when they are up for lease renewal. However, the retailer says it expects to renew the leases on many of the stores. According to the Wall Street Journal story, Barnes & Noble has 442 leases coming up for renewal by the end of April, 2016. The stores losing the most money will likely end up being among the list of stores that close.