Barnes & Noble to begin new CEO search after October shareholder meeting

Barnes & Noble Inc, which in July fired its chief executive officer, said on Thursday it would begin the process to find a replacement only after its annual shareholder meeting in early October.

Demos Parneros, who was fired over allegations of sexual harassment and other inappropriate behavior, sued Barnes & Noble in August, saying that the company had falsely accused him of violating its sexual harassment policy.

The company is in the process of "healing and fixing," Chairman Leonard Riggio said on a post-earnings call with analysts, adding that the former CEO's lawsuit was "nothing but a smokescreen in an attempt to extort money from the company." 

RELATED: Take a look at the major retailers that filed for bankruptcy in 2017: 

10 PHOTOS
Retailers that filed for bankruptcy in 2017
See Gallery
Retailers that filed for bankruptcy in 2017

Gordmans Stores

REUTERS/Rick Wilking

Gander Mountain

(Twitter)

General Wireless Operations (formerly RadioShack)

(PAUL J. RICHARDS/AFP/Getty Images)

HHGregg

Photographer: Daniel Acker/Bloomberg via Getty Images

BCBG Max Azria

(Photo by Rob Kim/FilmMagic)

MC Sports

(Twitter)

Eastern Outfitters

(Twitter)

Wet Seal

(Photo by Justin Sullivan/Getty Images)

The Limited

(Photo by Jb Reed/Bloomberg via Getty Images)

Gymboree

Photographer: David Paul Morris/Bloomberg via Getty Images

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Barnes & Noble also reported a bigger-than-expected first-quarter loss as sales were hit by a "major glitch" in the company's website that stopped customers from looking up if their local store had a book in stock. Same-store sales also dropped more than analysts' estimates.

The company's shares were down 7 percent at $4.60 on Thursday.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

Read Full Story