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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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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James Daunt will split his time between London and New York after Waterstones' parent Elliott Advisors (UK) announced that it had agreed to acquire the giant US bookseller Barnes & Noble for $683m. Continue reading at The Bookseller
[ The Bookseller | 2019-06-08 16:19:54 UTC ]
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It's a new--wait for it--chapter for bookseller Barnes & Noble, which will be acquired by U.K. investment firm Elliott Advisors in an all-cash deal worth $683 million. Barnes & Noble joins a portfolio that also includes U.K. bookseller Waterstones, which Elliott acquired in June 2018.... Continue reading at AdWeek
[ AdWeek | 2019-06-07 20:03:20 UTC ]
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Beleaguered bookseller Barnes & Noble Inc. has a buyer. Elliott Management Corp. agreed to purchase the chain for $6.50 per share in an all-cash transaction valued about $476 million, plus the assumption of debt, the company said in a statement Friday. Barnes & Noble shares rose as... Continue reading at Advertising Age
[ Advertising Age | 2019-06-07 16:16:58 UTC ]
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James Daunt will be chief of both chains after deal hailed as boost for real-world bookshopsThe hedge fund owner of the UK’s largest book chain, Waterstones, has bought Barnes & Noble, the biggest chain in the US, in a $683m (£537m) deal heralded as a boost in their battle to preserve... Continue reading at The Guardian
[ The Guardian | 2019-06-07 14:11:50 UTC ]
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Elliott will pay some US$476 million for Barnes & Noble, having last year bought the UK's main chain Waterstones. James Daunt is to run both companies. The post Elliott Management Agrees to Buy Barnes & Noble, Daunt to Run Both B&N and Waterstones appeared first on Publishing... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2019-06-07 12:22:03 UTC ]
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Just in time for beach reading, Barnes & Noble is releasing a new Nook with a 7.8-inch screen and waterproof design. The new GlowLight Plus has the company's largest E-Ink screen to date, and as with past models users can choose between a cool wh... Continue reading at Engadget
[ Engadget | 2019-05-23 17:05:00 UTC ]
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Sometimes shopping online for holiday gifts seems like the easy way out, but when looking for something really special and personal, Barnes & Noble believes going to the store is essential to finding that perfect gift. That's why the brand is recasting its booksellers as the all-knowing book... Continue reading at AdWeek
[ AdWeek | 2018-12-11 00:00:00 UTC ]
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In a letter to the court last week, lawyers for Demos Parneros contend that “as a matter of law” B&N lacks the foundation to recover anything from its former CEO, and further suggest that the retailer’s theory that Parneros purposefully derailed the sale of the company to preserve his role... Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-11-26 00:00:00 UTC ]
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At a 20-minute initial conference, lawyers for Demos Parneros portrayed the fired CEO as a respected executive who is now "unhirable" after being wrongly dismissed for alleged sexual harassment. Lawyers for Barnes & Noble said they have "a different view of the facts." Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-11-13 00:00:00 UTC ]
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Beleaguered US bookselling chain Barnes & Noble has said it has received "expressions of interest from multiple parties in making an offer to acquire the company". Continue reading at The Bookseller
[ The Bookseller | 2018-10-06 00:00:00 UTC ]
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After reporting disappointing Q1 results on Thursday, Barnes & Noble saw its stock price jump on Friday following a new investment by Richard Schottenfeld, the head of an eponymous investment firm that took a 5.58% stake in the book chain in July. Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-09-07 00:00:00 UTC ]
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Barnes & Noble Inc. began its new fiscal year with disappointing results as the turnaround promised by its recently ousted chief proves elusive. Same-store sales at the book and gift seller slipped... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2018-09-06 00:00:00 UTC ]
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A late-summer standoff has flared with the US publishing industry's largest–and longest-struggling–brick-and-mortar retail chain. Its former CEO is suing for defamation. The company, in response, alleges sexual harassment. The post Barnes & Noble’s Former CEO, Demos Parneros, Launches... Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2018-08-29 00:00:00 UTC ]
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Barnes & Noble's sudden firing of its CEO after only 14 months on the job dealt another setback to the embattled book seller as it struggles against stiffer competition from Amazon.The sudden vacancy at the top leaves Barnes & Noble treading water while it looks for a new leader, says... Continue reading at Advertising Age
[ Advertising Age | 2018-07-05 00:00:00 UTC ]
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Barnes & Noble has fired CEO Demos Parneros for violating company policies and said he'll exit the post without severance.A spokeswoman declined to say why he'd been terminated. It was "not due to any disagreement with the company regarding its financial reporting, policies or practices or... Continue reading at Advertising Age
[ Advertising Age | 2018-07-04 00:00:00 UTC ]
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Netflix acquires comic book publisher Millarworld. Barnes & Noble Education adds positions in Brazil, France, Mexico with Student Brands. The post Acquisitions: Netflix Buys Millarworld; Barnes & Noble Education Buys Student Brands appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2017-08-08 00:00:00 UTC ]
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Jaime Carey, the long-time B&N executive who was named head of the development and restaurant group in June, will leave the company in February after B&N determined he would no longer have his current duties. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-12-13 00:00:00 UTC ]
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With the election over, the chain expects sales to pick up as the holiday gift-giving season approaches. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-11-25 00:00:00 UTC ]
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American bookselling chain Barnes & Noble has appointed Demos Parneros to the role of chief operating officer, effective immediately. Continue reading at The Bookseller
[ The Bookseller | 2016-11-23 00:00:00 UTC ]
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