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Barnes & Noble Closing Hundreds of Stores Over Next Decade

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The largest traditional bookstore in America, Barnes & Noble, is closing up to a third of their stores in the next ten years. 

Mitchel Klipper, head of Barnes & Noble's retail group, said that the company will have 450-500 stores in ten years. Currently, the company has 689 stores. 

They're planning to close 20 stores every year over the decade. 

The announcement comes after they've faced tough competition from online retailers, like Amazon.com, and other discount book stores. The company has been focusing on its Nook tablet, e-book reader and e-book business for growth. 

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Klipper's remarks, however, don't actually mark any change in the closing plan they have had for the past ten years. 

"We have historically closed approximately 15 stores per year for the past ten years," spokeswoman Mary Ellen Keating said. 

While the company has mostly stopped opening new stores, Keating said they have opened two new prototype stores in 2012 and are planning on testing another in 2013. 

"The company's management is fully committed to the retail concept for the long term," Keating said. 

Barnes & Noble shares fell 26 senates, or 2 percent, to $12.91 in midday trading. 

(DailyMail)

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