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Barnes & Noble ends Nook stake with Microsoft deal
Barnes & Noble will buy out Microsoft's stake in Nook Media LLC to spin off its loss making Nook unit. The cash and stock deal values at about $125 million with $62.4 million in cash and about 2.7 million shares. Microsoft owned roughly 17 percent via preferred shares. The firm aims to complete the Nook Media spin off by August 2015. The move follows weaker Nook performance versus Amazon Kindle and Apple iPad, and a 2.6 percent Q2 revenue drop to $1.69 billion.
MENTIONED IN THIS ARTICLE
Barnes & Noble
Microsoft
Nook Media LLC
Nook
Amazon.com
Kindle
Apple
Nook Media
Thomson Reuters
Sears Posts 548 Million Loss as Store Closures Surge
Sears Holdings reported a quarterly net loss of 548 million for the period ending Nov 1 down from last year and announced plans to close 235 underperforming stores this year, nearly doubling August projections. Chief Executive Eddie Lampert cited an improving trend and projected a 50 million boost to EBITDA from store closures amid stiff competition from Target Wal Mart Home Depot and online retailers.
MENTIONED IN THIS ARTICLE
Sears Holdings
Sears
Eddie Lampert
U.S
Target
Wal-Mart
Home Depot
Amazon
Schaumburg, Ill
Kmart
Unemployment claims drop as labor market steadies
Initial claims fell 17,000 to 297,000 for the week ending November 29, signaling a steadier labor market. The four week moving average rose to 299,000, while ongoing claims increased to 2.36 million in the week ended November 22.
MENTIONED IN THIS ARTICLE
Labor Department
Reuters
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