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Discovery to Close Retail Stores

Discovery Communications said it will close its 103 retail stores by third quarter to concentrate its retail efforts online and in partnerships.

The move, long speculated by anaylsts as a cost-cutting measure, will affect about 1,000 employees-some 25% of Discovery's workforce, the company said.

Under new President/CEO David Zaslav, Discovery has cut costs throughout the company to grow elsewhere.

In an initial round of layoffs, 250 people were let go across the company's stable of cable networks and its international departments. Earlier last year, the company cut down its Education division.

Zaslav has brought on consultants to focus on both syndication and digital products.