News Summary: Barnes & Noble to close more stores
News Summary: Barnes & Noble exec tells newspaper that it will shrink its store base
NEW YORK (AP) -- SHRINKING: Barnes & Noble plans to continue to shrink its store base by about 20 stores a year over the next decade.
THE PLAN: 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, down from about 689 currently. Barnes & Noble spokeswoman Mary Ellen Keating said the company has been closing about 15 stores per year for the past 10 years.
TOUGH TIMES: 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.
