Barnes & Noble makes job cuts, expects $40M in annual cost savings
In a regulatory filing the company said, "On February 13, 2018, Barnes & Noble announced that it has implemented a new labor model for its stores that has resulted in the elimination of certain store positions. The new model will allow stores to adjust staff up or down based on the needs of the business, increase store productivity and streamline store operations. The company wants to assure its customers that this will not affect its commitment to customer service. The company estimates that it will incur a charge of approximately $11M in its fiscal 2018 third quarter for aggregate employee-related severance costs in connection with these actions. The majority of these costs will result in cash payments during the company's fiscal 2018 fourth quarter, with the balance paid in fiscal 2019. The company estimates that these actions will result in annual cost savings of approximately $40M. The company anticipates completing these actions by February 16, 2018."