Barnes and Noble will close about 20 bookstores a year for the next 10 years, the Wall Street Journal reports today.
The St. Louis area has eight stores, including one in Fairview Heights.
As reported by Reuters, Mitchell Klipper, CEO of Barnes & Noble's retail division, provided this information:
In 10 years we'll have 450 to 500 stores," Klipper told the Journal. The company had 689 retail stores as of Jan. 23, along with a separate chain of 674 college stores.
Even with 450 to 500 stores, "it's a good business model," Klipper told the WSJ.
"You have to adjust your overhead, and get smart with smart systems. Is it what it used to be when you were opening 80 stores a year and dropping stores everywhere? Probably not. It's different. But every business evolves," Klipper said.
Barnes & Noble, which had enjoyed a sales bump after one-time rival Borders Group liquidated in 2011, reported a 10.9 percent decrease in sales at its bookstores and on its website over the holiday period.