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Bullish On Books
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Barnes & Noble Slashes Corporate Jobs
The world’s largest bookseller Barnes & Noble, Inc. made history today – and not the type it wanted.
BKS [BKS
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] today announced it’s eliminating about 100 jobs in its corporate headquarters.
The company said in a release that most of the job eliminations were due to the reduction in store openings and consolidation of functional areas within its retail and online operations.
“Although our people, from top to bottom, did a terrific job in managing expenses and maximizing productivity,” said Steve Riggio, chief executive officer of Barnes & Noble, Inc., “the current business climate and the downturn in retail sales mandate that we reduce corporate overhead costs as appropriate to our overall sales volume.”
“It should be noted, this is the first time in the company’s history we’ve had to do this,” Mr. Riggio added. “The business climate in which we are operating is unprecedented, and therefore, the reduction in expenses is inevitable.”
In the release the retailer said its providing an “enhanced severance plan as well as offering healthcare benefits for the next 12 months” to those employees affected by the move.
In addition, the company said it will be providing outplacement counseling and transition seminars.
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