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News Breaks
June 5, 2014
08:32 EDTBKSBarnes & Noble says NOOK will relocate to Santa Clara, Mountain View campuses
Barnes & Noble announced that NOOK Media, LLC, has entered into an Assignment of Lease for its 208,000 square foot Palo Alto, California campus. Employees will be relocated to new state-of-the art facilities totaling 88,000 square feet. NOOK employees will move to a new facility in Santa Clara, California, while Barnes & Noble College’s digital education employees will relocate to a facility in Mountain View, California. The relocations are expected to occur by the end of the first quarter of fiscal 2015. This action will result in a net reduction of annual occupancy expenses of approximately $10M, reducing the company’s future lease commitments by approximately $102M. The asset impairment charges resulting from this relocation are approximately $30M, which are expected to be recorded in the fourth quarter of fiscal 2014. The company also expects to incur cash closing costs and to adjust lease accounting items in the first quarter of fiscal 2015 to reflect the impact of these relocations. “This move is a significant step in our ongoing efforts to both rationalize and better equip the NOOK business to achieve success, while positioning the digital education team and platform for future growth,” said Michael P. Huseby, CEO of Barnes & Noble, Inc. “These relocations result in work environments and related cost structure impacts that are better aligned with our business objectives and our employees’ expressed needs.”
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July 10, 2014
06:56 EDTBKSBarnes & Noble promises nursing-friendly stores, Reuters says
Barnes & Noble promised to make its locations friendly to nursing mothers as part of a settlement with New York State after a woman who was breastfeeding was asked to cover herself or leave one of its stores, according to Reuters, citing comments from a representative for the bookseller. The company plans to donate $10K to Rockland County’s Breastfeeding Promotion and Support Program in response to the situation. Reference Link

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