POSTED: Friday, August 6, 2010 - 11:56am
UPDATED: Friday, August 6, 2010 - 2:44pm
The Barnes & Noble bookstore chain is up for sale...
Sales at the largest bookstore chain have plummeted.
At Barnes & Noble, its slow move into the world of digital reading is being blamed.
Once the 800-pound gorilla in the book selling business, Barnes & Noble would move in, gobble up customers and market share from smaller competitors.
But along came Amazon.com, and most recently its fiercest competition: e-books and e-readers.
Now, even with its own version, the nook, it can't catch up.
So, Barnes & Noble is up for sale and facing maybe even worse news.
There are no buyers in sight.
With 720 stores nationwide, analysts are asking who wants that many physical sites when a website might do.
"They don't have to worry about retail outlets, they don't have to worry much about manpower in terms of employees, the pay," said Dan Indiviglio, business-technology editor at Atlantic.com.
Borders bookstore tried unsuccessfully to find a buyer two years ago, and what's happening now raises even more doubts about all bookstores.
Although, analysts say 'there's no need to worry...just yet'.
"I think older Americans, in general, probably like the idea of having the book in their hand," said Indiviglio.
This may bode well for the small bookstore.