By Nathaniel Meyersohn, CNN Money

(CNN Money) — It’s hard to move past a sexual harassment scandal when your business is in serious trouble.

Barnes & Noble, already reeling from the messy departure of its chief executive, said on Thursday that sales fell 6.9% last quarter.

Losses also widened, and profit dropped. That led to a sharp sell-off in Barnes & Noble stock before the opening bell.

The troubled bookstore chain fired CEO Demos Parneros in early July, citing unspecified violations of company policy. In August, Parneros sued the company in federal court for firing him without cause. Barnes & Noble then said it had let him go because of sexual harassment claims and bullying.

Barnes & Noble has more than 600 stores in the United States, and it has been trying to trim expenses and grow revenue to generate cash. But it may not be able to turn the business around quickly enough to stay relevant.

“We fully realize that cutting expenses does not alone provide a path to the long term viability of any retail business,” said Len Riggio, Barnes & Noble’s chairman.

This is a developing story and will be updated.

™ & © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Comments (4)
  1. Steve Schmidt says:

    Like the books they sell, their food is seriously overpriced.

  2. Jim Wolfson says:

    This is the leftist bookstore chain that always went out of its way to mis-shelve, turn upside-down and otherwise hide libertarian and conservative titles.

    The sooner they die off and disappear, the freer the speech.

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