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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Barnes & Noble has now temporarily closed more than 500 stores and furloughed "a large number" of employees across all departments at its company headquarters. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-04-02 04:00:00 UTC ]
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Barnes & Noble has temporarily shut approximately 65% of its stores following the coronavirus outbreak in the US. Continue reading at The Bookseller
[ The Bookseller | 2020-03-26 09:54:48 UTC ]
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Barnes & Noble boss James Daunt has sent a letter to staff warning of potential lay offs if stores are closed due to the coronavirus. Continue reading at The Bookseller
[ The Bookseller | 2020-03-20 01:04:03 UTC ]
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At the Brussels Book Fair under Marie Noble's direction, 'We're not only going to flirt' with Belgium's Flemish culture, 'we're going to get married.' The post An Interview With the Brussels Book Fair’s New Director Marie Noble appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-03-12 13:09:13 UTC ]
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To win a $50 gift card to Barnes and Noble, just sign up for Daily Deals, our newsletter that rounds-up the ... Continue reading at Book Riot
[ Book Riot | 2020-01-02 11:31:55 UTC ]
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Seeing Barnes & Noble stores' character 'crushed' by the corporate 'opulence' of American business, James Daunt says the chain must 'rip out the boring.' The post James Daunt at FutureBook Live: Barnes & Noble’s ‘Crucifyingly Boring’ Stores appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2019-11-25 05:05:12 UTC ]
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After Elliott Advisors’ takeover of Barnes & Noble in August, the firm sought the man who turned Waterstones around to right its US acquisition. But what exactly is in James Daunt’s in-tray in New York? Continue reading at The Bookseller
[ The Bookseller | 2019-11-08 05:47:49 UTC ]
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If successful, the move for summary judgment would narrow the scope of any future trial, B&N attorneys say, and more importantly knock out a claim for which former CEO Demos Parneros is said to be seeking roughly $70 million in damages. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-10-22 04:00:00 UTC ]
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A quick update on the tumultuous recent history of Barnes and Noble, and where the bookstore chain might be headed under new ownership. Continue reading at Book Riot
[ Book Riot | 2019-08-27 10:33:29 UTC ]
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The US press has been assessing the likely impact of James Daunt as the Waterstones boss prepares to take over Barnes & Noble. Continue reading at The Bookseller
[ The Bookseller | 2019-08-08 12:59:50 UTC ]
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James Daunt fought Amazon and rescued the country’s biggest bookstore chain. Now comes Chapter 2. Continue reading at The New York Times
[ The New York Times | 2019-08-08 10:00:05 UTC ]
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Waterstones owner Elliott Advisors has completed its $683m (£537m) acquisition of US book giant Barnes & Noble following approval by the majority of shareholders. Continue reading at The Bookseller
[ The Bookseller | 2019-08-06 20:14:18 UTC ]
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Critical Linking, a daily roundup of the most interesting bookish links from around the web is sponsored by Libro.FM. “Despite ... Continue reading at Book Riot
[ Book Riot | 2019-07-25 10:30:48 UTC ]
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Shareholders have filed two lawsuits against Barnes & Noble in a legal row over the sale as the book retailer insists the complaints "lack merit". Continue reading at The Bookseller
[ The Bookseller | 2019-07-23 16:58:40 UTC ]
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Barnes & Noble has issued shareholders with a formal tender offer after rebuffing a further bid from US book distributor Readerlink, made after an initial deadline following the agreement with Ellliott Advisors had passed. Continue reading at The Bookseller
[ The Bookseller | 2019-07-09 12:42:15 UTC ]
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We’ve got a $250 gift card for Barnes & Noble up for grabs, courtesy of Macmillan’s eDeals Newsletter! The Macmillan ... Continue reading at Book Riot
[ Book Riot | 2019-07-02 20:30:47 UTC ]
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A hedge fund wants to buy the bookstore chain for $683 million, including debt. Will the deal work? Experts from Wharton and elsewhere share their insights. Continue reading at Knowledge@Wharton
[ Knowledge@Wharton | 2019-06-18 18:09:27 UTC ]
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US distribution giant Readerlink LLC has missed the midnight deadline for a rival bid to Waterstones owner Elliott Advisors Ltd for Barnes & Noble, but could still propose a counter-offer. Continue reading at The Bookseller
[ The Bookseller | 2019-06-14 19:27:47 UTC ]
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Trade figures have largely welcomed the news that Waterstones boss James Daunt will become c.e.o. of both Waterstones and Barnes & Noble, after Elliott Advisors (UK) Limited bought the US chain in a $683m deal. But a warning has been sounded that some consequences of the deal - which marks... Continue reading at The Bookseller
[ The Bookseller | 2019-06-09 07:57:43 UTC ]
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In a seismic shift for the book trade, Elliott Advisors (UK) Limited have entered into a definitive agreement to acquire Barnes & Noble in an all-cash transaction valued at approximately $683m (£537m), including the assumption of debt. Continue reading at The Bookseller
[ The Bookseller | 2019-06-09 06:45:26 UTC ]
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