Barnes & Noble cuts staff after gloomy holiday season

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Nook signage in a Barnes  Noble bookstore in New York.

Barnes Noble is pleat a staff, laying off lead cashiers, digital leads and other gifted workers in a company-wide clearing, CNBC has schooled from sources informed with a matter.

The news came abruptly for many workers who showed adult Monday morning during several Barnes Noble locations to be told that they no longer had a job, a people said. The series of influenced workers couldn’t immediately be determined. As of Apr 29 of final year, Barnes Noble employed about 26,000 people.

“[Barnes Noble] has been reviewing all aspects of a business, including a labor model,” a mouthpiece told CNBC about a layoffs. “Given a sales decrease this holiday, we’re adjusting staffing so that it meets a needs of a existent business and a customers. As a business improves, we’ll adjust accordingly.”

Although consumer spending was generally clever this holiday season, not all retailers reaped a rewards. At Barnes Noble, 2017 holiday sales fell some-more than 6 percent to $953 million, compared with a year prior. Same-store sales fell 6.4 percent for a holiday period, while online sales forsaken 4.5 percent.

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The New York-headquartered tradesman has increasingly faced vigour from a likes of Walmart and e-commerce behemoth Amazon, that have managed to take a incomparable share of a books market. Walmart is formulation to make a large pull in offered e-books and e-readers on after this year. Meanwhile, Amazon is opening adult some-more of a possess bricks-and-mortar bookstores.

Barnes Noble is still underneath vigour to make a pierce before it’s too late to save a company. Last July, romantic financier Sandell Asset Management urged Barnes Noble to sell itself, observant a tradesman could fetch during slightest $12 per share and attract media or internet companies seeking a sell presence. Sandell called a company’s genuine estate “beachfront property” during a time.

Then, carrying not reached an agreement with Barnes Noble by November, Sandell due to take Barnes Noble private in a understanding that valued a association during some-more than $650 million, or over $9 per share. The books tradesman barked behind and called any such understanding “highly unlikely.”

Earlier Monday morning, Timothy Mantel was named Barnes Noble’s arch merchandising officer, effective immediately, carrying formerly hold roles during GNC and Target. Mary Amicucci left a arch merchandising purpose during Barnes Noble final September.

Barnes Noble shares sealed down some-more than 3 percent Monday during $4.70 apiece. The batch has depressed some-more than 55 percent from a year ago.

Pedestrians pass in front of a Barnes and Noble Inc. store in New York, Nov. 24, 2013.

Lauren Thomas


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