Headlines

Barnes & Noble Ousts CEO

Sudden firing leaves company vulnerable, according to analysts

Published

6 years ago

July 9, 2018

kmpeyton

Brick-and-mortar bookstore retailer Barnes & Noble Inc. (New York) has suddenly fired its CEO, Demos Parneros, after 14 months on the job. The move has left analysts concerned for the company’s ability to compete with Amazon.com Inc. (Seattle) in such a fast-paced market.

The company has declined to comment on the reasoning for the firing, only that it was not “due to any disagreement with the company regarding its financial reporting, policies, or practices or any potential fraud.” Parneros took over in April 2017, and since, the company has lost nearly one-third of its stock value, dropping to its lowest point in 25 years this past March.

Barnes & Noble posted a 5.4-percent drop in same-store sales in the fiscal year ending in late April, reports Bloomberg. Last month, the company said its profits had dipped to a $125.5 million loss, down from a $22 million profit last year.

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