You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Forbes listgives cityNo. 11 rank
    Forbes has ranked Fort Wayne No. 11 on its list of Opportunity Cities. The 19-city list, published Thursday, put Columbus, Ohio, at the top.
  • Alibaba stock soars 40% in massive IPO
    NEW YORK – Alibaba debuted as a publicly traded company Friday and swiftly climbed more than 40 percent in a mammoth IPO that offered eager investors seemingly unlimited potential for growth and a way to tap into the burgeoning Chinese
  • China levies record fine
    BEIJING – Drug giant Glaxo­SmithKline was fined $492 million Friday for bribing doctors in China in the biggest such penalty ever imposed by a Chinese court.
Advertisement
Associated Press
Customers walk into a Barnes & Noble store in Charlotte, N.C.

Barnes & Noble CEO William Lynch resigns

NEW YORK — Barnes & Noble on Monday said William Lynch is resigning as chief executive after three years on the job.

The New York-based book retailer which has been struggling with declining sales and widening losses, also said Monday it is reviewing its strategic plan and will provide an update when appropriate.

Barnes & Noble named Michael Huseby as president of the company and chief executive of its Nook Media unit and promoted controller Allen Lindstrom to the post of chief financial officer.

The management changes come just weeks after Barnes & Noble posted a wider net loss and said sales plunged the three months ended April 30, with revenue at stores open at least a year dropping 8.8 percent. Overall retail sales, which include Barnes & Noble bookstores and online sales, declined 10 percent, in part because of store closings.

Moreover, the company said it would stop making its own Nook color touchscreen tablets because they failed to keep up with competitors.

Barnes & Noble Inc. had been pouring money into developing its Nook devices to keep up with changing reading habits and beat back competition from retailers such as Amazon, which makes the popular Kindle readers.

The company said it will continue to make its more basic, black-and-white e-readers, but farm out the tablet manufacturing to a third-party. Lynch did not offer specifics of how a tablet partnership would work, but said the company was in discussions with "a lot of interested parties." Some have speculated that Microsoft, which has a 6.8 percent stake in the Nook unit, could offer to buy it outright.

The about-face troubled investors, who sent the shares down sharply. The stock has recovered a bit since then, closing Monday at $17.66. The stock slipped about 3.3 percent in after-hours trading.

Advertisement