This is a good example of something that sounds true but is actually not. Private equity put Borders out of business (famously). Barnes & Noble is now private but by all reports (still) doing fine. There are more independent bookstores today (in more towns) than ever before.

Some of the ones in the Bay Area were quietly acquired by Barnes & Noble in the last 12 months.

I hope that's not a national trend, but I suspect it is.

On top of that, Barnes & Noble is closing their larger locations, and replacing them with tiny ones that simply aren't compelling if you're looking for something specific.

people give books away here in California with "tiny house" library stands. In a major college town, previously full of specialty and trade bookstores, now very empty.