Why Is Barnes And Noble Closing Stores
The arc of retail has been bending toward consolidation for decades.
Why is barnes and noble closing stores. In a letter sent to barnes noble s 23 000 employees on march 17 prior to closing the majority of their stores ceo james daunt warned that layoffs may be inevitable. Closing at 6 62 a share. Superstores like b n and toys r us took us from shopping small to shopping big.
Barnes and noble has been closing 15 20 bookstores all over the us for the last ten years. Frank morabito vice president of stores for new york city based barnes noble said in a statement that the greenfield store would close in the summer of 2020 because of an expired lease. Next we seem to be moving inexorably toward one powerful all knowing everything store.
Without any new openings that rate of closure would reduce the total number of barnes noble s stores by a third it currently has 689 retail stores and 674 college stores. With its stock price falling 8 is the writing on the. With the closure of stores we are obliged to make the hardest of choices daunt warned adding that barnes noble does not have the resources necessary to continue paying employees as other companies have promised.
Barnes noble to close upper east side store company says upper east side ny barnes noble is closing its store on east 86th street because the location is too large and too expensive. Their first store opened in new york city in 1917 and since the closing of borders in 2011 it is by far the nation s largest book retailer chain. Braintree barnes noble book store and pier 1 imports both on granite street in braintree near the quincy city line will be closing up shop for good soon.
Barnes and noble currently operates around 620 bookstores in the united states and they have just shuttered 400 of them or 65 of all stores. Now barnes noble the last chain bookstore standing is finally buckling too. The company is still delivering online orders to the.
The company has closed more than 150 stores in the last decade or so. Barnes noble will be closing.
