From CNN Money:
Should Barnes & Noble just rename itself Amazon’s Showroom?
The book and music retailer said sales fell again in its most recent quarter. It also reported a bigger loss than last year — and more red ink than what analysts were expecting.
Perhaps most alarmingly, Barnes & Noble’s long-term debt tripled from a year ago to $192 million. The company has only $13.4 million in cash — down from $32 million a year ago.
Shares of Barnes & Noble plunged more than 20% on the news and are now down nearly 40% this year.
Barnes & Noble has struggled for years to compete (say the rest of the sentence like it’s a movie trailer) IN A WORLD WHERE CONSUMERS HAVE GONE MAD FOR SHOPPING ONLINE AT AMAZON.
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Barnes & Noble’s efforts to keep up with Amazon have mostly been in vain. The company said online sales actually fell 22% in its most recent quarter after it launched a new website that had some notable glitches.
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Interestingly, nobody talked about Amazon specifically during a conference call with analysts. Perhaps analysts have learned not to mention Amazon — sort of like “the war” to the German guests in that episode of “Fawlty Towers.”
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The company has to fix its online problems. Boire said that the search functions need to improve on the site and that it needs a faster checkout experience. He stressed that online is a great opportunity for the company.
Link to the rest at CNN Money and thanks to Doria for the tip.