Barnes & Noble filed its proxy statement and 10-k report with the Securities & Exchange Commission Monday morning, and in the filings provided no update on whether or when Nook Media may be separated from the retail trade group. Referring to the strategic review of a possible split, the 10-K stated that “There can be no assurance that the review will result in a strategic separation or the creation of a stand-alone public company, and there is no timetable for this review.”
In the 10-k, B&N repeated what it has said elsewhere in terms of it plans for its physical stores—it will close more stores than it opens. “Management generally believes that the Company’s retail stores are located in attractive geographic markets, and generally does not have a strategy to open retail stores in new geographic markets or to expand the total number of retail stores, and expects to close more retail stores than it opens,” the 10-K read. B&N closed fiscal 2013 with 675 stores. B&N has said it plans to close 15 to 20 outlets this year and open as many as five.
The fiings also noted that in the wake of the departure of CEO William Lynch the company board is content to have two CEOs runnng differenct parts of the business with Michael Huseby running Nook Media, Mitchell Klipper overseeing the retail group and Len Riggio continuing "to provide leadership policy at the Board level.”
Lynch received $1.2 million in salary in the last fiscal year and a $1.8 million bonus. With his resignation he was also entitled to receive severance of $3.6 million.
Finally, the company released a restatement of results from earlier fiscal years that cuts its loss in fiscal 2012 by about $4 million.