FORTUNE Inside Barnes & Noble CEO's plan to revive a big-box chain

@fortune

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SoundTikTok sound · original sound - fortune

Promoted product

Barnes & Noble

Barnes & Noble’s online bookstore for books, NOOK ebooks & magazines. Shop music, movies, toys & games, too. Receive free shipping with your Barnes & Noble Membership.

2 videos2 creators

Why it worked

The video provides an inside look at a well-known brand's turnaround strategy, featuring its CEO and highlighting the challenges and plans for revival. This narrative appeals to business-minded audiences and those interested in retail transformations.

Summary

This video explores James Daunt's plan to revive Barnes & Noble, a bookstore chain that faced significant sales declines and financial losses in the 2010s. After being acquired by Elliott Advisors, Daunt, with his extensive experience as a bookseller, aims to improve the stores through a series of slow, incremental changes.

Structure

1Introduction to Barnes & Noble's struggles
2Acquisition by Elliott Advisors and new CEO
3CEO James Daunt's background and vision

Original caption

Barnes & Noble was once seen as another casualty of Amazon. Today, it’s expanded to over 700 stores nationwide. In this episode of Behind the Business, Fortune’s Phil Wahba explores CEO James Daunt’s plan to save America’s biggest book chain by making it cool again. Click the link in bio to watch the full episode. #BarnesandNoble #BookTok #reading #business #success

More from @fortune

Product placement

Barnes & Noble: ACTS - a bookstore chain whose CEO's plan to revive it is discussed. Removing it would change the video's topic. Fortune: APPEARS - a media company logo that appears throughout the video. Removing it would not change what happens in the video. Nook e-reader: ACTS - a device that Barnes & Noble created to compete with Amazon's Kindle. Removing it would change the video's topic. Amazon Kindle: APPEARS - a competing e-reader device mentioned in the video. Removing it would not change what happens in the video. Elliott Advisors: ACTS - an investment firm that acquired Barnes & Noble. Removing it would change the video's topic. Waterstones: APPEARS - a bookstore chain that James Daunt is CEO of, and which will be brought together with Barnes & Noble. Removing it would not change what happens in the video.

Call to action

Click the link in bio to watch the full episode.

On-screen text

FORTUNE Inside Barnes & Noble CEO's plan to revive a big-box chain FORTUNE GETTY IMAGES FORTUNE FORTUNE BARNES & NOBLE BARNES & NOBLE JAMES DAUNT CEO, Barnes & Noble FORTUNE FORTUNE FORTUNE

Transcript

During the 2010s, Barnes & Noble saw massive sales declines. 100 store closures, six different CEOs, and a $1 billion loss on its Nook e-reader, a device to compete with Amazon's Kindle. Then investment firm Elliott Advisors acquired the company for nearly $683 million, including the assumption of debt. The largest retail bookseller in the United States, follows its June 2018 acquisition by funds advised by Elliott Advisors (UK) Limited ("Elliott") for $683 million, including the assumption of debt. James Daunt as CEO. James Daunt, CEO, Barnes & Noble There are books here that you know are really good, and therefore you will read the others. And is that a consistency of quality? When you took the reins of this company, it was in rough shape. As you assess the business, what were you thinking? It's relatively straightforward because I've been a bookseller for 30 years at that point. Longer. So I simply wanted to make these stores really good again. And one sets on a series of very slow and incremental processes to do that.