Barnes & Noble Education Retains Financial Advisor to Assist in Previously Announced Strategic Review
January 08 2020 - 8:30AM
Business Wire
Barnes & Noble Education, Inc. (NYSE: BNED), a
leading solutions provider for the education industry, today
announced that its Board of Directors has retained Morgan Stanley
& Co. to serve as its financial advisor in connection with its
previously announced review of strategic opportunities. The Board’s
review is designed to accelerate the execution of customer-focused
strategic initiatives and enhance value for BNED shareholders,
including, but not limited to, continued execution of the Company’s
current business plan, new partnerships, joint ventures and other
potential opportunities.
There can be no assurance that the review will result in a
transaction or announcement of any kind. The Company has not set a
timetable for the conclusion of the review and does not intend to
comment further unless and until the Board has approved a specific
course of action or otherwise determined that further disclosure is
appropriate or required by law.
ABOUT BARNES & NOBLE EDUCATION, INC. Barnes & Noble
Education, Inc. (NYSE: BNED) is a leading solutions provider
for the education industry, driving affordability, access and
achievement at hundreds of academic institutions nationwide and
ensuring millions of students are equipped for success in the
classroom and beyond. Through its family of brands, BNED offers
campus retail services and academic solutions, a digital
direct-to-student learning ecosystem, wholesale capabilities and
more. BNED is a company serving all who work to elevate their lives
through education, supporting students, faculty and institutions as
they make tomorrow a better, more inclusive and smarter world. For
more information, visit www.bned.com.
Forward-Looking Statements This press release contains
certain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and information
relating to us and our business that are based on the beliefs of
our management as well as assumptions made by and information
currently available to our management. When used in this
communication, the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and
similar expressions, as they relate to us or our management,
identify forward-looking statements. Moreover, we operate in a very
competitive and rapidly changing environment. New risks emerge from
time to time. It is not possible for our management to predict all
risks, nor can we assess the impact of all factors on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements we may make. In light of these
risks, uncertainties and assumptions, the future events and trends
discussed in this press release may not occur and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Such statements reflect
our current views with respect to future events, the outcome of
which is subject to certain risks, including, among others: general
competitive conditions, including actions our competitors and
content providers may take to grow their businesses; a decline in
college enrollment or decreased funding available for students;
decisions by colleges and universities to outsource their physical
and/or online bookstore operations or change the operation of their
bookstores; implementation of our digital strategy may not result
in the expected growth in our digital sales and/or profitability;
risk that digital sales growth does not exceed the rate of
investment spend; the performance of our online, digital and other
initiatives, integration of and deployment of, additional products
and services including new digital channels, and enhancements to
higher education digital products, and the inability to achieve the
expected cost savings; the risk of price reduction or change in
format of course materials by publishers, which could negatively
impact revenues and margin; the general economic environment and
consumer spending patterns; decreased consumer demand for our
products, low growth or declining sales; the strategic objectives,
successful integration, anticipated synergies, and/or other
expected potential benefits of various acquisitions may not be
fully realized or may take longer than expected; the integration of
the operations of various acquisitions into our own may also
increase the risk of our internal controls being found ineffective;
changes to purchase or rental terms, payment terms, return
policies, the discount or margin on products or other terms with
our suppliers; our ability to successfully implement our strategic
initiatives including our ability to identify, compete for and
execute upon additional acquisitions and strategic investments;
risks associated with operation or performance of MBS Textbook
Exchange, LLC’s point-of-sales systems that are sold to college
bookstore customers; technological changes; risks associated with
counterfeit and piracy of digital and print materials; our
international operations could result in additional risks; our
ability to attract and retain employees; risks associated with data
privacy, information security and intellectual property; trends and
challenges to our business and in the locations in which we have
stores; non-renewal of managed bookstore, physical and/or online
store contracts and higher-than-anticipated store closings;
disruptions to our information technology systems, infrastructure
and data due to computer malware, viruses, hacking and phishing
attacks, resulting in harm to our business and results of
operations; disruption of or interference with third party web
service providers and our own proprietary technology; work
stoppages or increases in labor costs; possible increases in
shipping rates or interruptions in shipping service; product
shortages, including decreases in the used textbook inventory
supply associated with the implementation of publishers’ direct to
student textbook consignment rental programs, as well as risks
associated with merchandise sourced indirectly from outside the
United States; changes in domestic and international laws or
regulations, including U.S. tax reform, changes in tax rates, laws
and regulations, as well as related guidance; enactment of laws or
changes in enforcement practices which may restrict or prohibit our
use of texts, emails, interest based online advertising, recurring
billing or similar marketing and sales activities; the amount of
our indebtedness and ability to comply with covenants applicable to
any future debt financing; our ability to satisfy future capital
and liquidity requirements; our ability to access the credit and
capital markets at the times and in the amounts needed and on
acceptable terms; adverse results from litigation, governmental
investigations, tax-related proceedings, or audits; changes in
accounting standards; and the other risks and uncertainties
detailed in the section titled “Risk Factors” in Part I - Item 1A
in our Annual Report on Form 10-K for the year ended April 27,
2019. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those described
as anticipated, believed, estimated, expected, intended or planned.
Subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements in this paragraph. We
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200108005098/en/
Media: Carolyn J. Brown
Senior Vice President Corporate Communications and Public Affairs
Barnes & Noble Education, Inc. (908) 991-2967
cbrown@bned.com
Investors: Thomas D. Donohue
Executive Vice President Chief Financial Officer Barnes & Noble
Education, Inc. (908) 991-2966 tdonohue@bned.com
Barnes and Noble Education (NYSE:BNED)
Historical Stock Chart
From Aug 2024 to Sep 2024
Barnes and Noble Education (NYSE:BNED)
Historical Stock Chart
From Sep 2023 to Sep 2024