B&N Hires and Fires New CEO
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| B&N's CEO has left the building. | |
In less than an hour yesterday, Doug McMillion, the president and CEO of Wal-Mart, was hired and then fired as CEO of Barnes & Noble.
The surprising sequence of events began before the stock market opened, when B&N issued a press release announcing McMillion's appointment, itself a stunning shift for the lifelong Wal-Mart employee and considered by many a coup for B&N. The company praised McMillion's general retail experience as well as his success battling Amazon and said that he had major plans to reinvigorate B&N. His focus, the company said, would be expanding on the handful of new concept stores launched last year--McMillion's revamped revamped stores would be "newer concept stores," the company said.
Only 20 minutes after the first press release was issued, however, a second release announced that McMillion had been let go. The company described McMillion as "not a good fit" and said that "it is in the best interests of all parties for him to leave--or, in fact, not even start." B&N said it would honor McMillion's contract, which was a multi-year agreement with sizable salary guarantees. One rumor had it that B&N execs didn't approve of the future CEO's plans to add teams of greeters at the front doors of all B&Ns or have hourly specials announced loudly in-store.
By lunchtime, B&N had organized an emergency conference call with stock market analysts during which company founder and executive chairman Len Riggio, who has been acting CEO since Ron Boire was fired in August 2016 after 11 months on the job, did most of the talking. (According to the first release of the day, Riggio had been planning to retire, again, on May 1, which was to be McMillion's official first day as CEO.)
"To my major regret, once again we just haven't found the right person," Riggio said. "I blame myself first and foremost for not recognizing problems sooner in the process." Still, he emphasized that B&N would survive--and even thrive--despite the regular changes in the executive ranks. "Books are our nook, I mean niche," he said. "They're everlasting, a lot like me."
He added that since McMillion's departure, B&N had already begun revamping the newer concept store plans, creating what he called a "newest concept" program. These new stores will, he said, be distinguished by the return of "an oldie but goodie": easy chairs, which in the early days of book superstores had attracted so many people. "Loved those chairs," Riggio said. "Lines went out the doors of people waiting for them to free up. There's been nothing like that since then to drive traffic. Plus they separate us from our competition. After all, you can't climb into the Internets and sit around in anything doing nothing all day." --John Mutter








 Bohococobocoloco--a hybrid bookstore, BBQ, urgent care, auto repair and, of course, brewery--is opening next week in downtown Asheville, N.C.
Bohococobocoloco--a hybrid bookstore, BBQ, urgent care, auto repair and, of course, brewery--is opening next week in downtown Asheville, N.C.
 Seeking to get an unprecedented jump on its online rivals, Amazon has announced that its 2017 Black Friday Deals Store will open April 14, Good Friday, with more than three dozen curated holiday gift guides, officially marking the start of the holiday season countdown. The Black Friday Deals Store will feature tens of thousands of products, with new deals as often as every five minutes, through December 21.
Seeking to get an unprecedented jump on its online rivals, Amazon has announced that its 2017 Black Friday Deals Store will open April 14, Good Friday, with more than three dozen curated holiday gift guides, officially marking the start of the holiday season countdown. The Black Friday Deals Store will feature tens of thousands of products, with new deals as often as every five minutes, through December 21. Good news for fans of HBO's hit series Game of Thrones: George R.R. Martin and publisher Bantam Books have announced that the long-awaited sixth Game of Thrones novelization, The Winds of Winter, has been completed and will be published this November.
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In response to demand that has grown dramatically since November 8, the Book Industry Charitable Foundation is currently accepting applications from U.S. booksellers seeking financial assistance to help them immigrate to Canada. Binc has partnered with several Canadian bookstores to find jobs for those hoping to leave the country, and plans to offer up to $100,000 in resettlement funding for current bookstore employees/owners, independent booksellers association employees, former Borders Group employees and dependents of any of the above.
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In an unprecedented move, the Mystery Writers of America has issued a new guideline for any future works nominated for the group's prestigious Edgar Awards. In a brief statement yesterday, the MWA announced that in response to the habitual, and perhaps even increasing, presence of a particular cliché, the following ban has been added to the organization's rules for Edgar-nominated books, short stories, TV shows and movies: "No private detective, police officer, secret service agent or other member of the fictional law enforcement community is permitted to dismiss the comments of a fictional civilian by saying, 'I think you've been reading too many mystery novels.' " --