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Barnes & Noble plans to continue to shrink its store base.

The head of Barnes & Noble's retail group, Mitchel Klipper, said in The Wall Street Journal that the company will have 450 to 500 stores in a decade. That's down from about 689.

Klipper said the chain plans to close about 20 stores a year over the period.

The largest traditional bookstore has been facing tough competition from online retailers and discounters that sell books and has been focusing on its Nook tablet, e-book reader and e-book business for growth.

Although Barnes & Noble has for the most part stopped opening new stores in the past several years, Keating said New York-based Barnes & Noble opened two new prototype stores in 2012 and plans to test other prototypes in 2013.

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