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Actionable news in BKS: BARNES & NOBLE Inc,

On April

Barnes & Noble said that as a result of the agreement with BCT, it plans to close both its Santa Clara, Californiaand Taiwan offices. Approximately 80 employees in the Companys Santa Clara office and approximately 19 employees in the Companys Taiwan office are expected to be terminated in connection with the closures. The business will be transitioned and the offices will be closed by July, 2016.

Over the last two years, the Company has done a significant amount of work to improve NOOKs overall performance, said Fred Argir, Chief Digital Officer at Barnes & Noble. While we have been able to reduce costs, we still have a lot more work to do to rationalize the business. We believe that by outsourcing certain technology functions of our NOOK business we will furth er improve NOOKs performance.

This transition is expected to result in annualized cash savings of approximately $13 million, which includes approximately $8 million of expense reductions and approximately $5 million of capital expenditure reductions. In the first quarter of fiscal 2017, the Company expects to record severance charges and...


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