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Barnes and Noble
built 202 days ago
In October 2001 Barnes and Noble and Borders were ordered to pay $2.35 million each to settle an antitrust lawsuit filed by the American Booksellers Association, a trade group representing independent booksellers. The suit alleged that the national book retailers used their clout with publishers to secure cheaper prices and preferential treatment. The ABA claims the chains threaten the survival of independent bookstores, especially in California, where both chains have focused much of their expansion. Independent booksellers claim they fear that the chains will eventually shut them down and are, therefore, reluctant to take risks with authors who are of less commercial but greater critical appeal, restricting their selection of books.
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Barnes and Noble has committed to offering 10 slots for magazines that use recycled paper at a heavily discounted rate with special signage in their top 240 stores in January. This promotion will roll out more widely in April 2008 in conjunction with Earth Day .
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Explaining that it is possible Barnes & Noble could report negative same-store sales figures in the current year, JP Morgan analyst Charles Grom downgraded the stock to “neutral” from “overweight” yesterday. Grom said a poor economy, the presidential election and increased discounting from Borders could have a negative impact on sales on earnings in the year. B&N’s stock price dropped 10.7% Tuesday, on a day when the overall market fell 3%.
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Sean Badding, an analyst for the Carmel Group, said, "Barnes and Noble were trying to leverage their stores to push their online stores to compete. But they didn't have a strong online store themselves.
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[I]t was a design flaw in Barnes & Noble.com's Web site that led to the exposure of sensitive customer information, including names, billing addresses and account information. In this case, Spitzer's office said credit card numbers were not divulged.
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