Report: Barnes & Noble Opening Fewer Stores Due to Scarce Locations
New York City Barnes & Noble is cutting back on the pace of its store expansion in 2009 because it cannot find enough suitable real estate, according to the Wall Street Journal.
"Due to the reduced availability of desirable retail locations going forward, we currently expect only 20 to 25 new store openings in 2009," said CFO Joseph Lombardi during a conference call on Thursday.
The news came after the company posted a 15% drop in second-quarter net income.
Barnes & Noble has historically opened 30 to 35 outlets a year, the report said.