B&N Hires Ex Target, GNC Exec as CMO While It Cuts Staff

B&N Hires Ex Target, GNC Exec as CMO While It Cuts Staff Barnes & Noble

B&N's latest ex-manager comes to the company GNC and Target:

Barnes & Noble today announced that Timothy Mantel has been named Chief Merchandising Officer. Mr. Mantel, whose appointment is effective immediately, will report to Demos Parneros, Chief Executive Officer of Barnes & Noble. In his new role as CMO, Mr. Mantel will be responsible for driving sales and profitability in all areas of merchandising within the Company, including Books, Toys & Games, Gift, Newsstand and Music and Entertainment.

Mr. Mantel previously held the role of Chief Merchandising Officer for GNC Corporation, where he led a $2.6 billion product portfolio and helped relaunch the company’s business model. He also successfully streamlined and reinvigorated GNC’s owned brand portfolio positioning it for sales and margin growth now and in the future.

At the same time, CNBC reports that B&N is laying off staff following a disastrous holiday season.:

Barnes & Noble is trimming its staff, laying off lead cashiers, digital leads and other experienced workers in a company-wide clearing, CNBC has learned from sources familiar with the matter.

The news came abruptly for many workers who showed up Monday morning at various Barnes & Noble locations to be notified that they no longer had a job, the people said. The number of affected workers couldn't immediately be determined. As of April 29 of last year, Barnes & Noble employed about 26,000 people.

"[Barnes & Noble] has been reviewing all aspects of the business, including our labor model," a spokeswoman told CNBC about the layoffs. "Given our sales decline this holiday, we're adjusting staffing so that it meets the needs of our existing business and our customers. As the business improves, we'll adjust accordingly."

The thing you should know about B&N is that no one has confidence that the company will turn things around.

No One.

Investors have so little confidence in B&N that the company's stock market capitalization totals $343 million. In comparison, B&N's sister company, B&N Edu, has a market cap of $300 million.

This comparison matters because in the last fiscal year B&N Edu generated well under half  as much revenue as Barnes & Noble (sources: B&N, B&N Edu).

So if you were wondering whether you alone thought B&N was doomed, the answer is no, it's not just you - we all think that.

image by MikeKalasnik

About Nate Hoffelder (11241 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

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