Barnes & Noble to cut 100 HQ jobs
NEW YORK Barnes & Noble announced that it has cut close to 100 positions in its corporate headquarters. The company said most of the job eliminations were due to the reduction in store openings and consolidation of functional areas within its retail and online operations.
According to CEO Steve Riggio, the cuts are a first for the company. "This is the first time in the company’s history we’ve had to do this," said Riggio. “The business climate in which we are operating is unprecedented, and therefore, the reduction in expenses is inevitable.”
Barnes & Noble has further announced that it is providing the affected employees with an enhanced severance plan, as well as offering health care benefits for the next 12 months. In addition, the company will be providing outplacement counseling and transition seminars. As a result, the company will record an after-tax charge of $2.5 million, or 4 cents per share, in the fourth quarter of fiscal 2008.
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