Thread regarding Barnes & Noble layoffs

When you can't sell, try, try, try again.

God knows what anyone sees in this company but here we go again.

Elliott Management reportedly in lead to acquire bookseller Barnes & Noble

Elliott Management is the lead bidder to acquire bookseller Barnes & Noble in a deal that could be announced as soon as later this week, The Wall Street Journal reported on Thursday.

The retailer said last last year it was exploring a sale after having received “expressions of interest” from “multiple parties,” including its chairman, Leonard Riggio, who founded the company in 1965.

Barnes & Noble has faced continued pressure from Amazon and independent booksellers.

Elliott Management is the lead bidder for bookseller Barnes & Noble in a deal that could be announced as soon as later this week, The Wall Street Journal reported on Thursday.

Barnes & Noble shares were briefly halted on the news, and surged more than 24% when trading resumed. Talks among Elliott and other companies bidding for Barnes & Noble are still underway and a deal is not guaranteed, the Journal reported, citing people familiar with the matter.

The paper said the terms of the deal weren’t known. Barnes & Noble has faced continued pressure from Amazon and independent booksellers. Its shares have fallen roughly 25% year-to-date, giving it a market capitalization of $336 million.

The retailer said last year it was exploring a sale after having received “expressions of interest” from “multiple parties,” including its chairman, Leonard Riggio, who founded the company in 1965.

In March, Barnes & Noble reported flat sales during the key holiday season and warned investors of weaker than expected full-year earnings as the company struggled with slower traffic and weak sales momentum.

Part of the bookseller’s turnaround plan has included closing some of its more than 600 stores across the U.S. and relocating to smaller spaces that receive a fresh and modern look. The company has said its prototype stores encourage shoppers to buy books online or from a tablet.

The company did not immediately respond to request for comment.

Read the Wall Street Journal report.

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Post ID: @Zrdofvh

4 replies (most recent on top)

Hedge Fund Companies are known for acquiring and selling off bits AND economizing by downsizing.

If it happens, larger stores will close.

There will be big changes.

Management people should start sweating.

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Post ID: @Zrdofvh-jmk

How’s that all true saying go ?

You can put lipstick on a pig. But, it’s still a pig.

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Post ID: @Zrdofvh-kql

I don’t care who wastes their money buying the company. The damage is done, the “brand” is tarnished and I am among MANY who will NEVER give that POS business a penny. They’ve screwed their employees & treated customers like they don’t matter. Anyone seeking to purchase this sunken ship , looking to do a salvage operation must have money to burn ( or needs a really big tax write off!)

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Post ID: @Zrdofvh-vky

"The company has said its prototype stores encourage shoppers to buy books online or from a tablet."

Figures, since the website is very slow and seems to more of a source for adsense revenue than a company's online commerce destination. The recent "save the sale" cluster f%$# now has caused the company the raise online prices to full retail. Good idea, let's lose sales to Amazon at the store level and online!

You can't fix stupid

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Post ID: @Zrdofvh-hdf

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