What with a disappointing report on earnings (they're falling) and the disclosure that founder Len Riggio is ceasing his effort to take over the company's brick-and-mortar stores, things are not looking good for Barnes & Noble.
And yes, Chief Executive William Lynch did resign in July, taking a severance of $3.65 million in cash and $5 million in stock.
What's going on? Oh, it's the poor Nook again.
Monday's earnings report shows that for its first fiscal quarter, Barnes & Noble's Nook experienced "a huge loss," according to USA Today. Revenue was down more than 20%, with sales of the e-reader itself and e-book sales slumping.
In June, trying to staunch the bleeding, Barnes & Noble announced it would stop producing its Nook color tablet. It will work with third-party partners to manufacture tablets instead.