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Barnes & Noble Founder Says Retail Environment Is Worst in Years

  • Bookseller projects continued decline in same-store sales
  • Ousted CEO Boire added more non-book merchandise to chain

Barnes & Noble Inc. Chairman and founder Leonard Riggio said the bookstore chain is suffering from the one of worst retail environments in decades after traffic in stores hit “close to a historic low point.”

The retail climate is “terrible,” he said on the company’s first-quarter earnings call Thursday. “Better put, is it is one of the worst I have ever experienced in the 50 years I have been in this industry.”