BASKING RIDGE, N.J.--(BUSINESS WIRE)--Barnes & Noble Education, Inc. (NYSE: BNED), a leading solutions provider for the education industry, today provided updates on its COVID-19 related business disruption, as well as its ongoing strategic review process.
BNED has experienced an unprecedented and significant impact on its business as a result of COVID-19 related campus store closures. The stores pride themselves on being a support system for the campus communities they serve. The Company remains in close contact with academic leadership to ensure it is supporting their needs during this difficult time. While its campus stores are closed, the Company continues to serve institutions and students through its campus websites, providing free shipping on all orders and an expanded digital content offering to provide immediate access to course materials to students at BNED campuses that have closed due to COVID-19.
Most importantly, as institutions determine how to conduct their summer and fall semesters, the Company continues to provide valuable solutions that supplement its campus bookstores to help them navigate this time of uncertainty, including the Company’s virtual store offerings and course material fulfillment capabilities, its BNC First Day® offering, and its digital bartleby® offerings to help students continue to excel while studying remotely. To prepare for the safe reopening of its campus stores, the Company has developed a comprehensive reentry program that incorporates social distancing guidelines from the CDC and the WHO to best promote the safety and well-being of staff and customers at each of its campus store locations. BNED plans to reopen its campus stores based on national, state and local guidelines, as well as the campus policies set by the school administration.
To mitigate the impact of the business disruption, the Company has taken steps to significantly reduce costs, including furloughing the majority of its Retail workforce. The Company is reviewing its expense and capital spending to prudently manage its liquidity. While there is no assurance that the Company will achieve its objectives and plans, management currently believes that the Company’s financial resources, including ongoing access to its credit facility, provide sufficient liquidity to alleviate any near-term need to obtain additional financing to support its business operations.
The Company plans to provide additional information when it reports fiscal year 2020 earnings on or about July 9, 2020.
The Company also announced that it continues to be actively engaged with its strategic review process. There can be no assurance that the review will result in a transaction or announcement of any kind. The Company does not currently intend to comment further on its strategic review process unless and until the Board has approved a specific course of action or otherwise determined that further disclosure is appropriate or required by law.
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, a digital direct-to-student learning ecosystem, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better, more inclusive and smarter world. For more information, visit www.bned.com.
