Barnes & Noble exec plans more store closings
NEW YORK (AP) — Barnes & Noble plans to continue to shrink its store base.
The head of Barnes & Noble's retail group, Mitchel Klipper, said in an interview published Monday in The Wall Street Journal 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.
The largest traditional U.S. bookstore has been facing tough competition from online retailers and discounters that sell books and has been focusing on its Nook tablet, e-book reader 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.
"We have historically closed approximately 15 stores per year for the past 10 years," said spokeswoman Mary Ellen Keating. Some closings are due to the fact that stores are unprofitable and others are stores moving to better locations.
Although Barnes & Noble has for the most part stopped opening new stores in the past several years, Keating said New York-based Barnes & Noble opened two new prototype stores in 2012 and plans to test other prototypes in 2013.
"The company's management is fully committed to the retail concept for the long term," Keating said.
In addition to its traditional bookstores, Barnes & Noble operates 674 college bookstores.
Its shares fell 26 cents, or 2 percent, to $12.91 in midday trading. They have traded in a 52-week range of $10.45 to $25.
The head of Barnes & Noble's retail group, Mitchel Klipper, said in an interview published Monday in The Wall Street Journal 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.
The largest traditional U.S. bookstore has been facing tough competition from online retailers and discounters that sell books and has been focusing on its Nook tablet, e-book reader 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.
"We have historically closed approximately 15 stores per year for the past 10 years," said spokeswoman Mary Ellen Keating. Some closings are due to the fact that stores are unprofitable and others are stores moving to better locations.
Although Barnes & Noble has for the most part stopped opening new stores in the past several years, Keating said New York-based Barnes & Noble opened two new prototype stores in 2012 and plans to test other prototypes in 2013.
"The company's management is fully committed to the retail concept for the long term," Keating said.
In addition to its traditional bookstores, Barnes & Noble operates 674 college bookstores.
Its shares fell 26 cents, or 2 percent, to $12.91 in midday trading. They have traded in a 52-week range of $10.45 to $25.
when "I" go to any Barnes and Noble it's like a grave. Just a couple of people wandering around, some people hanging out writing in the cafe--couple of snotty sales clerks who suggest things they obviously haven't read, if you can find one that actually reads. Why go to a brick and mortar B&N when you can get anything you want cheaper on Amazon--delivered to your door, or go to the online version of B&N? And there are still small bookstores--who double as marketplace vendors, like Once Sold Tales (c'mon! Pay by the pound for books? I'm so there) and specialty stores for the diehards who can't imagine a book made out of pixels. B&N is a dinosaur. If they want to be competitive, go back to having free-to-all discounts on featured books and get rid of the paid discount card.
That's ridiculous. when you go into any B&N, it's packed. Â They're simply being the typical greedy corporation. It's impossible for these investor-driven behemoths to actually function like a decent company anymore. Â It's not enough to make enough to pay your top staff, and keep thousands of LOYAL workers employed, and contribute to the community. You have to make a killing on Wall Street, and that is all that matters. Â Isn't it just ironic that these mega stores came in and destroyed all of our local retailers, then they become so bloated they can't compete... so they close up, laying off workers, and leaving entire counties with no freaking book stores. Â Congrats Corporate America. You suck.Â