During Barnes & Noble’s fiscal first quarter 2017 earnings call, executive chairman Leonard Riggio minced no words in describing what the company is facing.
“The retail environment is not good at this moment,” he said. “It is one of the worst I’ve ever experienced in the 50 years I’ve been in this industry.”
Riggio also acknowledged what he said were critical missteps, including making unprecedented inventory reductions and cutting expenses in the area of retail floor personnel. He said the company is actively working to remedy those conditions, and outlined several strategic steps that Barnes & Noble will be taking to strengthen retail sales.. . . more