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Barnes & Noble’s Q1 loss narrows on cost cutting
New York -- Barnes & Noble Inc. on Tuesday reported a smaller-than-expected loss of $28.4 million in its fiscal first quarter, down from $87 million a share, a year earlier. The chain has been cutting spending in its Nook e-reader division and moving toward a spinoff of the business.
Revenue fell 7% to $1.24 billion, including a 5.3% drop at the company’s retail segment.
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General Mills to add Annie’s to portfolio
General Mills is in the process of acquiring leading natural and organic food company Annie’s for $46 per share in cash, for a total transaction value of approximately $820 million.
The transaction consideration represents a 51% premium over Annie’s 30-day average closing price of $30.47 as of Sept. 5. Annie’s will continue to be headquartered in Berkeley, California.