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Barnes & Noble's second quarter filing with the SEC was newsier than most, containing disclosures that it has closed its Tikatok operation and that it will continue to reduce its overall number of retail stores.
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B&N has made no secret of its plans to scale down the number of bricks-and-mortar retail outlets, and in the filing said that while it will open "a few retail stores in new geographic markets, the company expects to reduce the total number of retail stores." A spokesperson said B&N will close about 15 stores by the end of the fiscal year in April. As of October 27, B&N had 689 trade stores.
Tikatok, an online platform geared to allow parents and children to write, illustrate, and publish their own books, was acquired in December 2009 for $2.3 million but never developed into an important business for B&N. The decision to close Tikatok resulted in an impairment charge of $1.9 million.
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SOURCE: Publishers Weekly
