From a corporate perspective, Barnes & Noble doesn’t seem like a great rescue target. The key, Daunt said, is to “create bookshops that people want to come to. The initiatives included upgraded light-bulbs, nicer carpets and better IT to back up operations. At a time when most retail chains and online retailers feature standardized selections of merchandise and emphasize price above all else, Daunt encourages managers to give their shops a distinctive feel by catering to neighborhood consumers’ tastes and featuring their own selections of books.
Employees are encouraged to write their own reviews, which are displayed next to the titles.
“While this could improve profitability, the competitive landscape as a whole remains tough, so the success of this acquisition will depend on how Elliott can make BKS relevant again so that it can effectively compete with value and online players. Including debt, the deal is valued at $683 million, according to the companies. Despite the relentless competition, Barnes & Noble has managed to somewhat stabilize its business, with revenue declines narrowing to a drop of 3.1% last year. “If you thought the SEC was a tough boss to report to, imagine when you replace it with Elliott Management,” Gavin said in an email.
“And now, instead of a disinterested public regulator, you’re answering to someone with $683 million worth of skin in the game and fees that it’s looking to be paid.
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