Wednesday, October 31, 2018

Barnes & Noble alleges ex-CEO 'sabotaged' sale

Retail Dive
 Barnes & Noble has snapped back at a lawsuit filed in August by ex-CEODemos Parneros, alleging the executive (who was fired in July for violating the company's conduct code) "intentionally sabotaged a potential acquisition of the Company to further his own self-interests, in direct contravention of the Board's clear instruction to proceed with negotiations and facilitate the potential transaction," according to court documents filed Tuesday.

According to the countersuit filed by the company, the potential acquirer (described as a book retailer) met with executives including Parneros multiple times in February and March. During one of those meetings, Parneros allegedly described Barnes & Noble as "spiraling" and "ugly," and refused several additional informal meetings with the potential acquirer's CEO. . . . more