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Supply chain cliff averted, for now
The retail industry has temporarily avoided a shut down of 14 ports along the East and Gulf coasts following a 30 day extension of contract negotiations with organized labor.
The extension solves nothing, but it does give port operators and representatives of the U.S. Maritime Alliance and International Longshoremen’s Association time to iron out a new collective bargaining agreement that was set to expire on December 29. Retail industry trade groups welcomed news of the extension, while pushing for a longer term solution.
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Barnes & Noble holiday sales miss, sells 5% stake in Nook
New York City -- Barnes & Noble reported Friday that its holiday sales will likely miss internal projections as its Nook e-reader performed worse than expected during the holiday selling period.
The book seller also disclosed on Friday an investment by London-based media and education company Pearson of $89.5 million in cash in the e-reader subsidiary, representing a 5% equity stake.
Pearson joins Microsoft Inc. as an investor in the Nook subsidiary.