More Trouble for Barnes and Noble
December 19, 2013
Oh, dear. Have desperate times led to desperate measures for Barnes & Noble? A brief post at theneeds informs us, “SEC Probing Barnes & Noble Accounting.” Writer Susan Lulgjuraj reports:
“According to the [AP] report, the SEC told the book company it was looking into two issues: the company’s restatement of earnings announced in July and an allegation from an employee who said that B&N improperly allocated some information-technology expenses between its Nook and retail segments. B&N said in a July filing that it had restated results from the fiscal years ending in April 2011 and 2012 due to material errors in the financial reports for those periods, according to the AP report. B&N said it was notified on Oct. 16 that it would be investigated.”
In an effort to adapt to the changing publishing landscape, the company began reporting its Nook revenue separately from the rest of its sales in late 2012. Naturally, news of the investigation was reflected in the company’s share prices, which dropped almost 12 percent right after the announcement. Will Barnes & Noble recover, or is this confirmation that the primarily brick-and-mortar bookseller is on the way out?
Cynthia Murrell, December 19, 2013
Sponsored by ArnoldIT.com, developer of Augmentext
Comments
-
- Subscribe to Beyond Search
Feature archive
News archive
-
