Book value

Barnes & Noble CEO Steve Riggio recently predicted that the bookselling business was headed for a horrible slump, and now we know the reason for his gloom. The company yesterday announced an $18.4 million loss in the third quarter ended Nov. 1. Comparable-store sales (i.e., counting stores open at least one year) were off 7.4 percent.

Riggio said in a statement, "A significant dropoff in customer traffic and consumer spending impacted our business." As it would do.

If it's bad for B&N, you know it has to be terrible for most independent booksellers, which operate with tight margins and in most cases don't have a lot of cash on hand to tide them over. We hope the best local stores can weather the icy blast over the next year or two.