Barnes & Noble Inc said on Wednesday it would cut nearly 100 jobs at its corporate headquarters in New York, due mostly to reduced store openings and consolidated operations at its retail and online segments. -- PHOTO: BARNES & NOBLES
NEW YORK - BARNES & Noble Inc said on Wednesday it would cut nearly 100 jobs at its corporate headquarters in New York, due mostly to reduced store openings and consolidated operations at its retail and online segments.
The nation's largest book store chain said it would provide affected employees with an enhanced severance plan and healthcare benefits for the next 12 months, as well as job placement counseling and transition seminars.
The job cuts do not include company management, a Barnes & Noble spokeswoman said.
The company said it would take an after-tax charge of US$2.5 million (S$3.7 million), or 4 cents per share, in the fourth quarter related to the staff reductions.
'The current business climate and the downturn in retail sales mandate that we reduce corporate overhead costs as appropriate to our overall sales volume,' said Chief Executive Steve Riggio in a statement.
'The business climate in which we are operating is unprecedented, and therefore, the reduction in expenses is inevitable,' he said.
Barnes & Noble, which operates 799 book stores, said last week that same-store sales for the holiday season fell 7.7 per cent. -- THOMSON REUTERS
