Barnes & Noble to book $11 million charge in Q3 after eliminating store positions

Barnes & Noble Inc. said Tuesday it expects to book a charge of about $11 million in fiscal third quarter after implementing a new staffing model that has led to the elimination of store positions. The company made the disclosure in a regulatory filing without specifying how many positions were cut. The bookstore chain said it expects the job cuts to save about $40 million a year. “The new model will allow stores to adjust staff up or down based on the needs of the business, increase store productivity and streamline store operations,” the company said in a statement. Shares rose 1.1% premarket, but have fallen 56% in the last 12 months, while the S&P 500 has gained 14%.

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