Barnes & Noble Closing Two Valley Stores

Barnes & Noble bookstores in Encino and Calabasas will close later this year as part of the chain’s re-evaluation of its business model. The Daily News reported that employees at the stores confirmed the closures as did Rick Caruso, owner of the shopping centers where the bookstores are located. Caruso was quoted in the Daily News saying that the Encino space will become a CVS pharmacy and that he was hoping to persuade Barnes & Noble from closing the Calabasas location. The bookstore is an anchor tenant at The Commons shopping center. The chain has about 400 leases up for renewal over the next few years, according to an analyst interviewed by the Daily News.