Barnes & Noble has closed its store on 5th Ave in New York City. Signs in the window of the store directed shoppers to its larger Union Square location, which is located around the corner from the 5th Ave. location.
Gothamist has the scoop: “Company spokesperson Mary Ellen Keating tells us the store closed at the end of the day yesterday, and that at the time the location was one of the company’s college bookstores and not a general retailer. ‘The store sold primarily textbooks, and had a large selection of trade,’ she said in a statement. ‘Trade business has largely been transferred to our nearby Union Square store, now by far our largest volume store in the country.’”
The news does not come as a surprise. The company has been suffering losses over the past couple of years. In November, Barnes & Noble’s reported that its consolidated revenues for the second quarter were down 8 percent. The company just appointed Michael P. Huseby as its new CEO.