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posted by mrpg on Thursday July 05 2018, @07:33AM   Printer-friendly
from the I-want-the-autobiography dept.

Barnes & Noble just fired CEO Demos Parneros after fourteen months on the job.

Barnes & Noble said Tuesday that it has fired CEO Demos Parneros for violating company policies.

The company did not specify exactly which policies were violated. It did say, however, that Parneros' termination "is not due to any disagreement with the Company regarding its financial reporting, policies or practices or any potential fraud relating thereto."

Parneros will not receive any severance and is no longer a director on its board, the company said in its statement. Barnes & Noble said it fired Parneros under the advice of its law firm Paul, Weiss, Rifkind, Wharton & Garrison.

Barnes & Noble said it will begin its search for a new CEO and that it has tapped a group of leaders to run the company in the interim. That group includes chief financial officer Allen Lindstrom, chief merchandising officer Tim Mantel and vice president of stores Carl Hauch.

Parneros joined the company in 2016 and was named CEO in 2017. He was previously president of Staples' North American stores and online.

Barnes & Noble's prior CEO was Ronald Boire, who lasted eight months on the job before being fired.

Previously: Barnes & Noble's "Bloody Monday"
Barnes & Noble Reports Holiday Revenues Down"
Barnes & Noble Pivots to Books


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  • (Score: 3, Informative) by Anonymous Coward on Thursday July 05 2018, @12:10PM (6 children)

    by Anonymous Coward on Thursday July 05 2018, @12:10PM (#702932)
    Starting Score:    0  points
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    Total Score:   3  
  • (Score: 0) by Anonymous Coward on Thursday July 05 2018, @01:20PM (3 children)

    by Anonymous Coward on Thursday July 05 2018, @01:20PM (#702958)

    Had no idea that B&N was in such tough shape. I refuse to use Amazon (reasons) and often use the B&N website for books, including used books (from their "marketplace").

    • (Score: 0) by Anonymous Coward on Thursday July 05 2018, @01:30PM (1 child)

      by Anonymous Coward on Thursday July 05 2018, @01:30PM (#702965)

      Odds are very good that, barring a miracle, Barnes & Noble won't last past 2020. The few people I know in the "book scene" are speculating for a closure announcement around March 2019.

    • (Score: 0) by Anonymous Coward on Thursday July 05 2018, @05:26PM

      by Anonymous Coward on Thursday July 05 2018, @05:26PM (#703104)

      I tried to use B&N's online rather than Amazon (reasons). Books listed as in-stock took two weeks for them to ship. I've ordered used books from small local bookstores via Abe and received them in far less time than that. That was my last order from B&N.

  • (Score: 2) by crafoo on Thursday July 05 2018, @02:56PM (1 child)

    by crafoo (6639) on Thursday July 05 2018, @02:56PM (#702997)

    You know, it's not like a bookstore chain is a vastly complex business with an incredibly complex and diverse supply chain, customers, and regulations. It's a fucking bookstore. How absolutely amateur-tier do you have to be at business to fail at selling books? The customers are there, and fairly reliable. The supply chain is mature and simple: fucking books, fucking magazines. Make an environment book people feel comfortable in and enjoy. Pay your bills on time. Keep the place clean.

    It's a real testament to the failure of modern MBAs and marketing wanks that they have failed so badly at this very simple business.

    • (Score: 0) by Anonymous Coward on Thursday July 05 2018, @06:51PM

      by Anonymous Coward on Thursday July 05 2018, @06:51PM (#703159)

      Not so simple either. Booksellers need to keep a store full of books to give customers something to look at, but many books won't get bought. In the past, the stores could just send unsold copies to the publisher and have them take the risk. But with Amazon moving more books in a more predictable manner, I don't know if that model still works.