B&N Chair Foresees Xmas Gloom But Not Doom

Publishers Weekly's online bulletin reports that Len Riggio, chairman of Barnes & Noble, says the 2008 holiday season, traditionally the most brisk and profitable on the book trade's calendar, is shaping up to be a terrible one. In fact, it's the worst he's seen in three decades. This came in a memo circulated to employees. No pink slips were attached but Riggio vowed to rigidly control spending including curtailing openings of new stores.

Nor does he see much light on the 2009 horizon, though the company will nevertheless report a profit for 2008.

RC