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Struggling bookstore chain Barnes & Noble plans to close a slew of stores over the next decade, its chief executive?told the Wall Street Journal.
In an interview conducted last week, but published in the WSJ on Monday,?Mitchell Klipper said Barnes & Noble would likely have 450 to 500 stores in 10 years, down from 689 retail stores now. The company also runs a separate chain of 674 college stores, according to the WSJ.
The rate of closures is not that different from the past decade. The difference is that Barnes & Noble had been opening more stores than it was closing until about three years ago.
The shutdowns outlined by Klipper mean an average of about 20 stores a year would close, up from about 15 stores a year?over the past 10 years, the WSJ said, adding that up until 2009 it was also opening about 30 stores a year.
Earlier this month, the bookseller reported a 10.9 percent decline in revenues at its retail segment over the nine-week 2012?holiday season?versus the prior year. Much of that decline, 8.2 percent, came from sales at stores open less than a year, store closures and lower online sales.??
Source: http://www.nbcnews.com/business/barnes-noble-expects-trim-30-its-stores-over-next-10-1C8137477
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