NEW YORK (TheStreet) -- Struggling U.S. bookseller Barnes & Noble plans to grow its portfolio of 696 college shops to 1,000 within five years in effort to boost revenue.
Barnes & Noble (BKS) is going back to school.
The struggling U.S. bookseller, which began as a university bookstore in 1965, intends to grow its portfolio of 696 college shops to 1,000 within five years. That's according to Reuters, which cited Max Roberts, chief executive of Barnes & Noble's college business.
Barnes & Noble has been facing declining overall sales and its Nook unit has struggled to maintain market share in the e-reader segment against competition from the likes of Apple and Amazon. In early April, investor Liberty Media (LMCA) announced it would sell almost its entire position in Barnes & Noble, which sent its stock down more than 13% on the news.
According to Reuters, the company intends to lure more schools into outsourcing their bookstore operations by offering more amenities than typical college shops have, like bigger cafes, more clothing and added products. Roberts said the company's retail skills and ability to offer large-scale textbook rental programs benefit schools as well, as they receive a percentage of sales, according to the report.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.