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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.”
News For BKS From The Last 14 Days
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November 25, 2014
11:10 EDTBKSWorldwide tablet growth expected to slow to 7.2% in 2014, IDC says
The worldwide tablet market is expected to see a massive deceleration in 2014 with year-over-year growth slowing to 7.2%, down from 52.5% in 2013, according to a new forecast from International Data Corporation (IDC). At the core of this slowdown is the expectation that 2014 will represent the first full year of decline in Apple iPad shipments. Both the iPad and the overall market slowdown do not come as a surprise as device lifecycles for tablets have continued to lengthen, increasingly resembling those of PCs more than smartphones. "The tablet market continues to be impacted by a few major trends happening in relevant markets," said Ryan Reith, Program Director with IDC's Worldwide Quarterly Mobile Device Trackers. "In the early stages of the tablet market, device lifecycles were expected to resemble those of smartphones, with replacement occurring every 2-3 years. What has played out instead is that many tablet owners are holding onto their devices for more than 3 years and in some instances more than 4 years. We believe the two major drivers for longer than expected tablet lifecycles are legacy software support for older products, especially within iOS, and the increased use of smartphones for a variety of computing tasks." Publicly traded companies in the space include Samsung (SSNLF), Apple (AAPL), Google (GOOG), Amazon.com (AMZN) and Barnes & Noble (BKS). Reference Link
November 24, 2014
14:35 EDTBKSBarnes & Noble volatility increases into Q2 and outlook
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06:29 EDTBKSBarnes & Noble moves into gifts to reverse declines in store traffic, WSJ says
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