In today's episode of BOOKSTORES OF OUR PAST LIVES:
https://www.publishersweekly.com/pw/...s-lawsuit.html
The Establishment chips in:
Quote:
The revelations disclosed in former Barnes & Noble CEO Demos Parneros’s lawsuit, filed Tuesday and charging the company with defamation and breach of contract, left publishers mystified at how the nation’s largest bookstore chain will turn around its financial fortunes.
“Indecipherable” was the one-word email response from the president of an independent publisher when asked about the recent events at B&N. “I don’t know what to make of the news,” another executive at a publisher said. “It’s still unsettled over there.”
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Quote:
Whatever the merits of the case, publishers said it is clear that the time has come for B&N to find new leadership, either by a sale of the company or finding a CEO with a new vision for the company. Since Parneros’s dismissal, the company has been run by the trio of Allen Lindstrom, chief financial officer; Tim Mantel, chief merchandising officer; and Carl Hauch, v-p, stores. Riggio remains executive chairman and will be involved in its management until a new CEO is found.
“B&N needs to take action and needs capital to do it,” one publishing executive told PW. “Clearly being acquired is one way to get that done. There are other ways, but something needs to happen.”
An independent publisher who viewed some of the charges in the lawsuit being made “by a guy who is really pissed off and wants his severance,” nonetheless agreed that B&N “needs to create a smooth transition for Len.”
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B&N needs capital?
And if they don't get it...?
Quote:
. “I think it’s time {B&N} gets a new owner,” the head of an independent publisher said. “One that’s interested in being in the book business and has a proper management team. Someone like Indigo would be great.”
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Quote:
Several publishers said the frustrating part of Parneros’s departure is that it finally looked like B&N had a plan in place to move forward. Parneros was “candid about the issues B&N faces,” one executive said, adding that the plan he laid out seemed workable if given some time. All publishers would like to see the next B&N CEO have book experience. And there is one other characteristic they would like to see—a CEO who is actually running the company.
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Boldingb mine.
More at the source.
Second time is recent weeks the Establishment points its guns at Riggio.
https://www.nytimes.com/2018/08/12/b...d-riggio.html?