The Barnes & Noble store on Old York road in Jenkintown will close at the end of the year, the Philadelphia Inquirer reports.

The chain has opted not to exercise an option to extend its 20-year lease at the location, choosing instead to consolidate the store with the larger location near the Willow Grove Park mall.

Many book retailers have struggled to adjust to the rise of e-books and other electronic media. Barnes & Noble's longtime rival, Borders, closed the last of its more than 500 retail stores last year and has since been liquidated.

Barnes & Noble had 129 leases due to expire this year, according to this 2011 report from Los Angeles business writer Mark Lacter. The company announced in January that it expected to lose money this year and is heavily engaged in an effort to make electronic book sales more central to its operations, the New York Times reported.

The first Barnes & Noble location opened in 1917 in New York City.