In a move that comes as no great surprise, Barnes & Noble retail CEO Mitchell Klipper told the Wall Street Journal that the company plans to close a third of its stores over the next 10 years--or approximately 20 stores a year. The Wall Street Journal notes that until 2009, the retailer had been opening on average net 15 stores a year.
According to Klipper:
Even with 450 to 500 stores, "it's a good business model," says Mr. Klipper. "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."