"We have hundreds of leases up for renewals over the next few years," said CFO Joseph Lombardi. "We generally have high-quality real estate in terms of our centers and co-tenancies. This real estate flexibility, coupled with the strength of our balance sheet overall, will enable us to manage our business as efficiently as possible."

As the pool of big boxes continues to decline, the company is using its increased leverage with landlords to negotiate favorable terms. The company has renegotiated 77 leases so far this year, and "at almost each and every one, we're paying less in the out years," said COO Mitchell Klipper. "The leases coming up are clearly an opportunity for the company. We'll see how big it gets."

Sales for the third quarter were $1.1 billion, a 4.4% decrease from the prior year. Comparable store sales decreased 7.4% for the quarter. Barnes & Noble.com sales were $109 million for the quarter, a 2% comparable sales increase compared to last year. The third quarter net loss was $18.4 million, which included a non-cash after-tax impairment charge of $7 million.