NEW YORK CITY-Coming off disappointing holiday sales, CEO Mitchell Klipper says Barnes & Noble Inc. will close up to one-third of its retail stores over the next 10 years.

In an interview with the Wall Street Journal, Klipper said that the bookseller would reduce its current 689 retail store locations to between 450 to 500 in the next decade. He added that the company will likely close about 20 stores each year over that period.

“You have to adjust your overhead, and get smart with smart systems. Is it what it used to be when you were opening 80 stores a year and dropping stores everywhere? Probably not. It’s different. But every business evolves,” Klipper told the newspaper. See story in the New York Business Journal.