During the peak of the COVID-19 pandemic, every store was closed.
Today, around 50 stores remain closed and a return to pre-pandemic learning activity isn t expected soon.
Barnes & Noble Education Inc. (NYSE: BNED) Chief Financial Officer Thomas Donohue told The Wall Street Journal in an interview the company will continue prioritizing cost-cutting initiatives as many schools across the world remain closed.
College campus exposure
Barnes & Noble Education was created in 2015 when the iconic bookstore company split itself into two entities. The core bookstore company was rebranded as Barns Group Inc. (NYSE: B) while BNED consists of the college bookstore business.
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Dec. 28, 2020 9:30 am ET
Thomas Donohue, the chief financial officer of Barnes & Noble Education Inc., has been slashing costs since the early days of the pandemic. He expects to keep doing so as another semester of remote learning approaches, forcing the campus bookstore chain to keep some of its outlets closed.
The coronavirus pandemic has wreaked havoc on college and university bookstores’ finances as many schools pivoted to online learning and students avoided campuses. College sporting events often took place with few or no fans attending, weighing down sales of T-shirts and other merchandise.
Basking Ridge, N.J.-based Barnes & Noble Education, which operates over 760 stores on college campuses in the U.S., responded with various cost-saving measures, including furloughing and laying off an undisclosed number of employees. The company, which had about 5,500 employees as of May 2 before the layoffs took effect temporarily closed all of its stores. Fifty-two are sti
Technavio Research: E-textbook Rental Market 2020-2024- Featuring Alphabet Inc., Amazon.com Inc., Barnes & Noble Education Inc., Among Others to Contribute to the Market Growth | Technavio
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201223005523/en/
Technavio has announced its latest market research report titled Global E-textbook Rental Market 2020-2024 (Graphic: Business Wire)
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