Discovery Stores Closing

Bargain hunters may want to start checking prices at their local Discovery Stores. Discovery Communications, best known for Discovery Channel and Animal Planet on television, has announced plans to close 103 of its brick-and-mortar mall and stand-alone stores and lay off 1,000 workers.

The company will continue to make Discovery products available to shoppers through its Internet e-commerce site, catalogs and its popular Animal Planet products at the Toys R Us stores. There is also a plan for the development of Discovery Channel Airport Stores to be run by the Hudson Group.

"By eliminating our owned and operated brick-and-mortar storefronts, which are cost-intensive and complicated businesses, Discovery can focus its efforts on high-growth e-commerce and licensing operations," said David Zaslav, President and CEO of Discovery Communications.

Ranked No. 186 in the Internet Retailer Top 500 Guide, the company's e-commerce operations posted record growth and sales for 2006 and are currently running at 144 percent increase of sales over last year. E-commerce, t-commerce and the company’s catalog business will remain core elements of Discovery’s investment going forward.

^{Photo: Discovery Communications}