Barnes & Noble ceo James Daunt wrote to employees with what he intended as an “extremely honest, straight-forward and unvarnished representation of the situation.” Cutbacks are already underway at the head office, both in personnel and expenses, as part of “substantial reductions in cost.” He notes, “Everything is about trying to support and sustain stores.” So far “customers are proving loyal to us and clearly appreciate that we remain open. Our sales have declined, but well within what we need to remain profitable.” Kid’s book sales “have improved” and “obviously online is doing exceptionally well” but other areas have suffered, […]
