Not much of a surprise, though.
We knew they were up to their gills in STRs since the holiday season and you don't do BOGO deals with products that move on their own.
They certainly didn't help themselves much by burying the STR with the Nook Glow.
Flat reader adoption in the US + zero international presence + bad inventory management = Thank God for Microsoft's money.
Otherwise, we'd be looking at a Chapter 11 reorg by now.
The NewCo spinoff can't come fast enough now.