Barnes & Noble Projects Cost Savings From Store Layoffs at $40 Million
Barnes & Noble will incur a FY 2018 Q3 charge of $11 million for severance costs for store layoffs, it said in an 8-K SEC filing Tuesday. Annual cost savings from the layoffs, to be completed by the end of…
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February, are projected at $40 million, said the retailer. “Given our sales decline this holiday, we’re adjusting staffing so that it meets the needs of our existing business and our customers,” the company said. The filing referenced “the elimination of certain store positions” in favor of a new model that “will allow stores to adjust staff up or down based on the needs of the business,” it said. It didn’t give the number of positions being eliminated. The company employed about 11,000 full-time and 15,000 part-time staffers on April 29, said June's annual report. Shares closed down Tuesday 2.2 percent to $4.50.