After a preliminary report a month ago, Barnes & Noble Education announced full results for their second quarter ended October 26, with sales down 1.4 percent to $602 million due to the closing of 109 physical and virtual stores (many of which, they say, were underperforming). Previously they estimated sales would “essentially flat.” Net income doubled to $49.7 million, up from $24.9 million, “due to improved operating income, lower interest expense, and reduced restructuring and other charges.” Adjusted EBITDA was up 29.1 percent to $66 million, attributed to $13 million in cost savings from closed stores, “productivity initiatives.” They estimate […]
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The Strand Union Strikes
Unionized booksellers at The Strand in New York went on strike starting Saturday, December 7. The union has been negotiating for a new contract since August and authorized a strike in November. The current contract expired on Thanksgiving, November 28 and the approximately 90 unionized employees have been working without a contract ever since. According to UAW Local 2179 representative Will Bobrowski, the parties will go back to the bargaining table at 10:30 AM today (Monday). The union is currently not picketing in front of the store, but is ready to go back to the picket line at any time […]