Barnes & Noble Inc. promoted Michael Huseby, who has served as its chief financial officer and president, to chief executive officer as the chain struggles to retain customers increasingly shifting to digital books.
Barnes & Noble Inc. tumbled the most in more than three months after disclosing an investigation by the U.S. Securities and Exchange Commission into its restatement of earnings and a former employee’s allegation of improper accounting.
Barnes & Noble Inc.’s move to shelve a breakup plan for now steps up pressure on the biggest U.S. bookstore chain to stem losses at its e-book division and hatch a new plan for coping with the shift toward digital publications.
Barnes & Noble Inc., the largest U.S. bookstore chain, fell the most in four months after forecasting a wider annual loss than analysts projected and saying it may spin off the Nook e-reader business, its fastest-growing unit.
Barnes & Noble Inc. plans to release a software update to its Nook e-reader this week to stop the screen from freezing, increase its speed and offer a Web browser and games for the first time, a company executive said.