Manny P. here…
The Wall Street Journal reports that Barnes & Noble is planning to close 30% of their stores over the next decade. A closure rate of 20-stores-per-year is planned. About, 400 to 500 of the B&N stores are expected survive the purge.
The Journal notes, as recently as the 1990s, B&N was known as a carnivorous competitor with the power to wipe out independent bookstores with its steeply discounted product and sprawling aisles, where customers could sip coffee and read in plush chairs. Over the past 15 years, rapid technological change has transformed the company from a dominant retailing force that left smaller booksellers quaking in fear to a struggling giant grasping for a plan to ensure its long-term relevance to the publishing industry.
Until 2009, B&N was opening at least 30 locations annually. But the shift to digital has reduced the demand for bricks-and-mortar outlets. The demise of Borders boosted the literary chain in 2011, but seasonal sales this year were down almost 11% at bookstores and online. Even eBooks are struggling, with Nook holiday sales down from a year before.
Metaphorically speaking, elevators don’t stop on the 13th floor; book shops hate Chapter 11!
Until next time> “never forget”