Barnes & Noble announces more stores closing

By Robert Kirchgassner ,

The bookstore giant Barnes & Noble has announced that many more of its stores will close in the coming decade.

The Huffington Post reported that store revenue during the recent Christmas period was down 11 percent from 2011, although the company still made over $310 million.

Print-book sales have dropped by over 20 percent in the past five years due to the increased sales of e-books and other devices.

The company has closed roughly 15 of its stores each year since 2003, although it simultaneously opened over 30 per year during that period. But with no new store openings scheduled, the company now plans to close 20 stores per year. This will reduce the number of stores by one-third. There are currently 689 retail stores and 674 college stores.

The AP reported that there is no word yet on which locations will close their doors.

Since its biggest competitor, Borders, closed in 2011, Barnes & Noble has become the largest book chain in the U.S.

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