Troubles Loom for Barnes & Noble

On the heels of a tumultuous departure from its chief executive, Barnes & Noble’s (New York) financial problems are another dark cloud for the business to contend with.

The bookstore company reported Thursday that its same-store sales fell 6.1 percent last quarter compared to a year ago, reports CNN Money, which it attributed to a drop in store traffic. Its online sales also suffered, dropping 14.3 percent, which it said was due to running fewer promotions for products like its Nook tablet. The company’s overall losses have grown to $17 million. The poor performance during a fiscal period that’s generally been regarded as economically sound reflects long-term uncertainty for the brand.

Barnes & Noble operates more than 600 stores nationwide and employs more than 23,000 people. The company will begin searching for a new CEO – the sixth within a five-year span – after its annual shareholder meeting next month.