The financial meltdown has claimed another victim. Barnes & Nobles has reported an unexpectedly high quarterly loss and lowered its forecast for the year.
The company posted a net loss of $18.4 million, or 34 cents per share, in the third quarter that ended November 1. Previously, the company estimated its third-quarter loss between 10 and 15 cents per share.
Barnes & Noble has plans to open only 15 stores of the previously 20-25 planned and has decided to reduce markdowns on merchandise.
In the meantime, Charlottesville’s own branch of the bookseller has big plans to expand to a two-story building on the site where Goody’s Family Clothing used to operate in the Barracks Road Shopping Center. The City Planning Commission has already approved the expansion.
Calls to Federal Realty, which owns the property, and to Barnes & Nobles headquarters were not immediately returned.
With declines showing up everywhere, we wonder, what retail purchases are you cutting back on these days?