Barnes & Noble Inc., the struggling bookseller, reported "material weakness" in its accounting and restated three years of financial results. Investors seemed alarmed by more bad news from the unprofitable retailer whose chief executive stepped aside earlier this month and they bid down its stock by 4%.Barnes & Noble said Monday that errors in reporting sales and occupancy costs, plus an inaccurate tally of income-tax refunds received when it was unprofitable in 2011 and 2012, caused the company to over-report losses over those two years by $9 million. Actual losses over those two years were $134 million, not the $143 million, the company.In 2010, the company's last profitable year, Barnes & Noble said it really earned $43 million instead of the $37 million initially reported. The company said it previously had overstated sales and occupancy costs and understated the amount it owed in taxes. It in fact paid $12 million in income taxes that year, 50% more than the previously reported amount.The bookseller said the errors resulted from "inadequate controls over the accrual reconciliation process at its distribution centers" and it is working to fix the problem.A spokeswoman for the bookseller didn't immediately return a call seeking comment.The accounting problems seem to stem from the company's decision to buy more books directly from publishers instead of wholesalers. In its annual report, Barnes & Noble said it has invested significantly in new warehouses... Continue reading at 'Crains New York'
[ Crains New York | 2013-07-30 00:00:00 UTC ]
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The ebook is still central to B&N's strategy, but it's not selling. Barnes & Noble revealed disappointing third quarter finances this morning, including a serious decline in revenues from its Nook digital e-readers. Overall revenues were $2.2 billion, down 8.8% year on year, and its... Continue reading at Fast Company
[ Fast Company | 2013-02-28 00:00:00 UTC ]
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Just 12 hours after (already denied) rumors circulated that Barnes & Noble may ditch its Nook business, the company has had to make an announcement concerning its retail division. Thanks to SEC regulations, the company has had to 'fess up that majority shareholder and "founder*" Leonard... Continue reading at Engadget
[ Engadget | 2013-02-25 00:00:00 UTC ]
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Barnes & Noble isn¿t near dead, but a lot of writers are lining up to lament its passing. Barnes & Noble isn’t near dead, but a lot of writers are lining up to lament its passing. They say the chain’s demise would be a blow to books, especially in suburban America. Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-02-06 00:00:00 UTC ]
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America's last major book store chain is shuttering locations as it tries to evolve for a digital future. Is this simply a tough transition, or the beginning of the end? Continue reading at The Atlantic
[ The Atlantic | 2013-02-05 00:00:00 UTC ]
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There will be a lot fewer old-fashioned books in the Big Apple over the next decade. Barnes & Noble announced Monday morning that it is planning to prune between 189 and 239 stores by 2023, from its current total of 689. Local real estate brokers speculate that some of those locations will... Continue reading at Crains New York
[ Crains New York | 2013-01-29 00:00:00 UTC ]
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B&N will cut up to a third of its brick-and-mortar stores, slowly and carefully over 10 years. Bookseller Barnes & Noble has said it expects to shut up to a third of its real-world stores. CEO Mitchell Klipper has confirmed the plans in an interview with the Wall Street Journal. But... Continue reading at Fast Company
[ Fast Company | 2013-01-28 00:00:00 UTC ]
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Publishing and education company Pearson PLC agreed to invest $89.5 million for a 5 percent stake in Barnes & Noble Inc.'s digital-business unit, Nook Media LLC. Continue reading at AllThingsD
[ AllThingsD | 2012-12-29 00:00:00 UTC ]
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Bookstore chain Barnes & Noble said Friday its holiday sales look disappointing and that publisher Pearson Plc took a 5% stake in its Nook e-reader business. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-12-28 00:00:00 UTC ]
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Barnes & Noble’s second-quarter financial performance had both good news and bad news. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-12-01 00:00:00 UTC ]
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Barnes & Noble's Nook unit didn't have its greatest quarter. The $160 million in revenue the new Microsoft-backed spin off raked in was slightly better than last year's $152 million, but still a significant drop from $220 million. In a sign of the growing ubiquity of e-readers however,... Continue reading at Engadget
[ Engadget | 2012-11-29 00:00:00 UTC ]
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In a move that could provide a boost to the small but growing digital comic book business, DC Comics has signed deals to sell comics through online stores owned by Apple, Amazon and Barnes & Noble. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-11-08 00:00:00 UTC ]
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Barnes & Noble has suffered a serious security breach in 63 of its shops. Payment readers were fitted with a bug, which has harvested details of customers' credit cards. The firm discovered the breach over six weeks ago, but has kept the matter quiet at the behest of the Justice Department,... Continue reading at Fast Company
[ Fast Company | 2012-10-25 00:00:00 UTC ]
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Book retailer Barnes & Noble this morning revealed that 63 of its stores have been victims of PIN pad tampering, following an internal investigation of "every PIN pad in every store" (just under 700 locations). B&N calls the tampering, "a sophisticated criminal effort to steal credit... Continue reading at Engadget
[ Engadget | 2012-10-24 00:00:00 UTC ]
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Book retailer Barnes and Noble announced on Thursday that its partnership with Microsoft in a new limited liability company called Nook Media LLC is complete and ready to go ahead of Windows 8's launch. Barnes and Noble first announced it was considering a spin-off of its digital content... Continue reading at Betanews
[ Betanews | 2012-10-04 00:00:00 UTC ]
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Barnes & Noble has finally scheduled the long-awaited international debut of its Nook e-reader. The company said Monday that it will begin selling its Nook Simple Touch and Nook Simple Touch with GlowLight in the U.K. in mid-October. The devices will be sold online through a new digital... Continue reading at AllThingsD
[ AllThingsD | 2012-08-20 00:00:00 UTC ]
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Well, our English friends, today is a good day. Your choice in e-readers is about to get that much better as Barnes & Noble has decided to make your homeland the first stop on its highly-anticipated international tour. The Nook and its associated store will be making their big debut in the... Continue reading at Engadget
[ Engadget | 2012-08-20 00:00:00 UTC ]
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US bookseller Barnes & Noble has confirmed that it will be bringing its Nook digital eBook readers and bookstore to the UK in the autumn. Initially the devices, which include Nook Simple Touch and the Nook Simple Touch with GlowLight, will only be available through the company’s online... Continue reading at Betanews
[ Betanews | 2012-08-20 00:00:00 UTC ]
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We'd say it's about time. Although it's almost two years late to the party, Barnes & Noble is responding to Amazon's Kindle for the Web with Nook for Web. Much like its counterpart across the virtual aisle, the Nook web edition lets readers browse free samples and whole books entirely from a... Continue reading at Engadget
[ Engadget | 2012-07-17 00:00:00 UTC ]
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Even in the digital age, Barnes & Noble can’t avoid the headache of returns. Although the company posted lots of positive results for the year-end and fourth quarter of fiscal 2012, the number most analysts seem to focus on was Nook segment sales for the fourth quarter, which fell 10.5%, to... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-06-25 00:00:00 UTC ]
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Barnes & Noble said Tuesday that its fiscal fourth-quarter loss narrowed as the company continues to invest in its Nook e-reader business.Barnes & Noble said Tuesday that its fiscal fourth-quarter loss narrowed as the company continues to invest in its Nook e-reader business. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-06-19 00:00:00 UTC ]
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