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B&N CHAIRMAN RIGGIO PREDICTS
A “TERRIBLE HOLIDAY” SALES SEASON
Calling the retail picture the worst he has ever seen, Len Riggio told his staff in a memo that the chain was “bracing for a terrible holiday,” adding that he saw the trend continuing well into 2009 and maybe even beyond that.
Nonetheless, he pointed out that the company expects to post a “decent profit” for the year, particularly after tightening its expense belt. Openings of new units will be curtailed, and discretionary spending cut sharply, Riggio warned.
That prediction comes even though several consumer surveys predict that books will be the fourth highest choice on the list of preferred gifts for the forthcoming holiday season, as this blog reported in a previous column.
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