The retailer that call itself the nation's largest retail bookseller is laying off workers at its stores.
In an 8-K report, that Barnes & Noble Inc. filed with the U.S Securities and Exchange Commission, the company says this week "it has implemented a new labor model for its stores that has resulted in the elimination of certain store positions." The company says that the new model which is expected be completed by Friday will allow stores to adjust staff up or down based on the needs of the business, increase store productivity and streamline store operations.
Barnes & Noble estimates that it will incur a charge of approximately $11 million for aggregate employee-related severance costs in connection with these actions. The Company estimates it will save $40 million.
Barnes & Noble has not disclosed the number of employees impacted by the layoffs but it's attributing the workforce reduction to poor holiday performance, according to a CNBC report.
The bookseller employed about 26,000 students as of last April, according to CNBC which says that Barnes & Nobles is laying off lead cashiers, digital leads and other experienced workers.
Barnes & Noble has stores in every state with more than 600 bookstores including locations in Camp Hill and Lancaster.
The company says it sells approximately 190 million physical books per year.