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    Michael Hiltzik: Barnes & Noble saved itself by putting books first. Imagine that

    It wasn't long ago that Barnes & Noble seemed to be on the glide path to extinction. At the end of 2018, the giant bookselling chain reported its seventh quarterly loss in a row, red ink of $27.3 million on sales of $117.2 million. Its management was in turmoil: That summer, Barnes & Noble fired its fourth chief executive in four years. Over the previous decade, it had closed 98 stores, ...
    by Michael Hiltzik, Los Angeles Times Feb 01, 2023 6 minutes
    In this photo from No. 02, 2021, customers shop for books at a Barnes and Noble store in Corte Madera, California.

    It wasn't long ago that Barnes & Noble seemed to be on the glide path to extinction.

    At the end of 2018, the giant bookselling chain reported its seventh quarterly loss in a row, red ink of $27.3 million on sales of $117.2 million. Its management was in turmoil: That summer, Barnes & Noble fired its fourth chief executive in four years. Over the previous decade, it had closed 98 stores, shrinking its retail footprint to 630 locations from 728.

    The company, now 106 years old, was facing what seemed to be inexorable competition from the e-commerce behemoth Amazon.com and a shift among readers to e-books from physical books. But its ventures to compete head-on with Amazon by bringing out a Kindle-like e-book reader called Nook and selling books online from its website have never amounted to much.

    In the summer of 2019, Barnes & Noble was bought by the hedge fund Elliott Management for $683 million, almost half again what stock market investors thought it was worth.

    Upon taking over, Elliott installed James Daunt as Barnes

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