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B&N to Save $40 Million Following New Layoffs

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After posting disappointing holiday results, Barnes & Noble instituted a round of layoffs yesterday that it says will save the company $40 million annually. After CNBC reported Monday that the retailer fired "lead cashiers and digital leads," a B&N spokesperson confirmed the layoffs, but declined to give the size of the cuts or what departments were affected. However, in a filing Tuesday with the SEC, B&N reported that it will take an $11 million charge in its third quarter to account for severance payments.

The filing further noted that B&N expects to complete the staff reductions by February 16 of this year with most payments made in the current fiscal year with the remainder paid in fiscal 2019.

B&N described the cuts as "a new labor model for its stores that has resulted in the elimination of certain store positions. The new model will allow stores to adjust staff up or down based on the needs of the business, increase store productivity and streamline store operations."

In early January, B&N reported that sales for the holiday period ended December 30, 2017 fell 6.4% compared to the same period a year ago. As a result of the poor sales, B&N also reduced its financial performance for the full fiscal year.

With B&N unable to grow its revenue, the retailer has been relying on cost cuts to try to steady its bottom line. The company had about 26,000 employees last April. One of its new employees is Timothy Mantel, who was named B&N's chief merchandising officer replacing long-time B&N employee Mary Amicucci who left the company last September. Mantel had held CMO roles at GNC and Target.

by on Feb. 13, 2018 at 1:29 PM
Replies (51-51):
by Member on Feb. 15, 2018 at 3:02 AM

I thought I said that.  "Yeah it was good money back when gas was .75 a gallon.  It's not and has not been good money since. 

Quoting GaleJ: You are missing the point entirely...for the time and the situation it was "good money" and was equivalent to what other skilled, middle class workers made. You must look at such things in the context of their time to understand.
Quoting Marie207:

Answer to they make good money. 

Quoting GaleJ: Yes back then prices as well as income was lower, what is your point?
Quoting Marie207:

Yes, in the 60's and 70's when the cost of gas was .75 a gallon. 

Quoting GaleJ: No, that simply is not true. Salespeople made decent money when I was growing up and when combined with the perks, especially a discount, they did quite well. This was in the fifties and sixties and a family was solidly middle class if the father worked for someplace like Sears or, better still, Marshall Field's.
Quoting Marie207:

Customer service has always been a minimum paid job, always.  It just consist of different people.

Quoting GaleJ: Guess what, good customer service used to be provided by good, professional salespeople. They worked hard, knew their merchandise and store, and cared very much for the customers. They earned a good living including a broad spectrum of benefits and a good retirement. They were specialists and were respected and here in Chicago they were valued by their employers and the public. Now there are no "salespeople" only very minimally paid workers who struggle to get by on what they are paid. You can thank Walmart for starting this horrific trend but everyone that shops there and in similar stores contributes to the problem.
Quoting Marie207:

That is so true, especially now a days with the "entitlement" group of people working. 

Quoting Episkey: I’m sure there’s a bunch of people with customer service complaints for literally any retail store. There are bad apples in every single company, sorry that you let one person ruin it for you, I’ve always experienced the exact opposite at B&N.
Quoting manna080:

It's not surprising they lost money during the holidays because their customer service stinks and I'm sure that I'm not the only one that it happened to either.  During the holiday season they had a toy my daughter wanted that was on sale.  I ordered it off their website and they put a hold on the money on my account.  A few days later I receive an email saying that they cancelled my order but the hold was still on my account so I called to see what was going on.  The guy made a lot of excuses and finally when their were no more excuses he said that I could order the item in full price or go to a store and buy it but they couldn't give me another discount and than he hung up on me. I didn't even ask about a discount I just wanted to see if they oversold the item because it sold out quickly but he was rude. I was able to buy the item somewhere else on a sale price and now I won't shop at Barnes and noble online or in the store.

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