![]() Last July, Sandell Asset Management urged Barnes & Noble to sell itself, saying the retailer could fetch at least $12 per share. ![]() In turn, Barnes & Noble is still under pressure from an outspoken activist investor. Meanwhile, Amazon is opening up more of its own bricks-and-mortar bookstores. Walmart is planning to make a massive push in selling e-books and e-readers on its website later this year. The retailer has increasingly faced pressure from Walmart and Amazon, which have managed to steal a larger share of the book market. Same-store sales declined 6.4 percent for the holiday period, while online sales dropped 4.5 percent. Its 2017 holiday sales fell more than 6 percent to $953 million, when compared with the year prior. "The new model will allow stores to adjust staff up or down based on the needs of the business, increase store productivity and streamline store operations," Barnes & Noble said about its actions, in a filing with the Securities and Exchange Commission.īarnes & Noble wasn't a winner this holiday season, though consumer spending has generally been stronger. "As the business improves, we'll adjust accordingly."īarnes & Noble said Tuesday that the severance payments will be distributed in full by fiscal 2019. "Given our sales decline this holiday, we're adjusting staffing so that it meets the needs of our existing business and our customers," a spokeswoman told CNBC. ![]() Barnes & Noble has not disclosed the number of employees impacted by the news, but it's attributing the workforce reduction to poor holiday performance. CNBC had reported Monday afternoon that the company had begun layoffs.
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