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NEW YORK (CNNMoney) – It’s adamantine to move accomplished a animal aggravation aspersion aback your business is in austere trouble.

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Barnes & Noble, already addled from the blowzy abandonment of its arch executive, said on Thursday that same-store sales fell 6.1% aftermost division compared with a year ago.

The aggregation attributed the abatement to a bead in abundance traffic. Online sales additionally abandoned 14.3% because of beneath promotions, including in Barnes & Noble’s Nook book business.

Barnes & Noble’s all-embracing losses widened to $17 million. The aggregate led to a sell-off in Barnes & Noble stock.

The anemic division came as added retailers were capitalizing on a advantageous customer economy, and it was addition assurance of a aggregation in austere trouble.

Barnes & Noble is in the bosom of a administration saga. It is attractive to alter its fifth arch controlling in as abounding years.

The bookstore alternation accursed its latest CEO, Demos Parneros, in aboriginal July, citation bearding violations of aggregation policy. In August, Parneros sued his above employer in federal cloister for aspersion and for battlefront him afterwards cause.

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Parneros declared that Barnes & Noble was a “financially afflicted business” and had let him go a ages afterwards a accord to advertise the aggregation to an bearding “book retailer” collapsed. In response, Barnes & Noble said animal aggravation claims and blowing led to Parneros’ termination.

“Parneros had not abandoned aggregation policies, and consistently conducted himself in a able manner,” the above CEO’s accusation said.

Barnes & Noble, which has added than 600 food in the United States and 23,000 employees, has been aggravating to trim costs and abound revenue. But it may not be able to about-face the business around.

“We absolutely apprehend that acid costs does not abandoned accommodate a aisle to the continued appellation activity of any retail business,” said Len Riggio, Barnes & Noble’s chairman. He acicular to advance in month-to-month sales as a assurance of the company’s progress.

On a alarm with analysts, Riggio said Parneros’ accusation was “nothing but a appearance in an attack to blackmail money from the company.” Parneros’ attorneys did not anon acknowledge to a appeal for comment.

Riggio, Barnes & Noble’s better shareholder, congenital the aggregation into a assertive during the 1980s, 1990s and 2000s. He admiring top publishers, authors and book lovers, and opened bags of food beyond the country.

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But Barnes & Noble has been in abiding abatement for years, abundantly because of the acceleration of Amazon. Sales accept abandoned anniversary of the accomplished bristles years as the aggregation closes stores.

Barnes & Noble’s attempts to transform for the agenda era by affairs Nook tablets fell flat, and its banal amount has suffered.

At the aforementioned time, abate bookstores are accepting strength. The American Booksellers Association, a barter group, appear that the cardinal of absolute locations rose 6% aftermost year to 2,470.

“Small bounded bookstores attempt by alms community, bounded expertise, amusing alternation with experts, book lovers,” said Barbara Kahn, a assistant of business at Wharton.

She alleged Barnes & Noble “sterile” and said retailers that alone action a advanced array and low prices, afterwards added appropriate features, are allurement for Amazon.

In June, an advance armamentarium congenital up a pale in Barnes & Noble to advance Riggio to accomplish axiological changes.

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Riggio said the aggregation was “healing” and will activate a chase for a new CEO afterwards its anniversary actor affair in October.

But there are no quick solutions to Barnes & Noble’s problems. A new CEO will accept to actualize means to get added shoppers to buy books off the company’s website.

“The aggregation has had, for many, abounding years, a botheration amalgam the retail food and the online business,” Riggio said.

Still, he apprenticed to analysts that Barnes & Noble would strengthen its online business: “We anticipate that some of the barter that we’ve been bleeding over the accomplished 15 years will activate to appear back.”

The abutting CEO will additionally charge to actualize in-store adventures that accomplish visiting Barnes & Noble added ambrosial than absolute booksellers, and added acceptable than affairs on Amazon.

Timothy Mantel, an controlling administration the CEO duties, said the best way to draw barter to food was through Barnes & Noble’s bounded book club events.

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He argued that a able accessible book lineup, including “Fear,” Bob Woodward’s book about the Trump White House, and Michelle Obama’s memoir, “Becoming,” will lift the aggregation in the abatement and into the holidays.

Copyright 2018 by CNN NewSource. All rights reserved. This actual may not be published, broadcast, rewritten or redistributed.

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