New York -- Barnes & Noble is planning to shutter approximately one-third of its stores during the next 10 years, CEO Mitchell Klipper said in an interview with the Wall Street Journal. As of Jan. 23, the company operated 689 stores. (The company also operates a separate division of 674 college book stores.)
“In 10 years we'll have 450 to 500 stores,” said Klipper in the interview, who noted that, even with the reduced store count, “it’s a good business model.”
Regarding the changing nature of retail, Klipper told the Journal that, "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,” he said.