![]() The combination of declining enrollments and declining rates of book purchases has decimated the company's earnings and effectively made it a nonprofit today, operating 793 physical bookstores and 606 virtual bookstores serving 6M students, generating $1.5B in revenue. College students increasingly buy their books from other sources such as Amazon, use pirated PDFs from dubious websites, or do not procure books at all for cost or logistical reasons. In the 1990s, this was a good business but today it is not. Barnes & Noble Education operates college bookstores. While there are exceptions such as Walmart, which benefits from scale and local monopolies, retailers are not particularly durable. The following segment was excerpted from this fund letter. RiverNorthPhotography/iStock Unreleased via Getty Images ![]()
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