Declining Physical Textbook Sales and Foot Traffic: The ongoing shift from physical textbooks to digital alternatives and open educational resources (OER), coupled with reduced on-campus bookstore visits, directly impacts core revenue streams and the profitability of their traditional retail operations.

Higher Education Enrollment Declines: Decreases in overall college and university enrollment, or shifts in student demographics and attendance patterns, directly reduce the potential customer base for their educational materials, courseware, and general merchandise across their campus network.

Intense Market Competition: BNED faces significant competition from online retailers such as Amazon, direct-to-student digital providers like Chegg, publishers selling directly, and campus-run bookstores, all vying for market share in educational resources and general merchandise.