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NEW YORK (AP) — The one-time bookselling giant Barnes & Noble is being acquired by a hedge fund for 6 million.The national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.com and other online sellers. Independent bookstores have also persisted in the face of digital publishing.The company said in October that it might put itself up for sale after it was approached by a number of potential buyers, including founder Leonard Riggio who opened Barnes & Noble stores across the country and turned it into a superstore.Barnes & Noble said Friday that it's being acquired by Elliott Management for .50 per share, an approximately 9% percent premium to the company's Thursday closing stock price. Elliott bought the U.K. bookseller Waterstones in June 2018.Waterstones CEO James Daunt will also take on the role of CEO at Barnes & Noble.The sale, valued at about 3 million including debt, is targeted to close in the third quarter if approved by regulators and shareholders.Shares of the New York company jumped 11% before the opening bell. 1111
NEW YORK (AP) — This year’s Black Friday was the biggest ever for online sales, as fewer people hit the stores and shoppers rang up .4 billion in transactions from their phones, computers and tablets.That’s just behind the .9 billion haul of last year’s Cyber Monday, which holds the one-day record for online sales, according to Adobe Analytics. Adobe measures sales at 80 of the top 100 U.S. online retailers.Adobe expects online sales to jump to another record this Cyber Monday with an estimated total of .4 billion. Much of the shopping is happening on people’s phones, which accounted for 39% of all online sales Friday and 61% of online traffic.Shoppers have been looking for “Frozen 2” toys in particular. Other top purchases included sports video games and Apple laptops.All the online shopping may have helped thin the crowd at malls on Black Friday.Traffic at stores fell 2.1% on Black Friday from a year ago, according to preliminary figures from RetailNext. It tracks in-store activity at tens of thousands of locations, including specialty apparel retailers, big-box stores and mall-based stores. The drop in traffic helped lead to a 1.6% dip in sales.Online and in-store shopping aren’t always completely separate, though. Many people buy things online, only to head to the store to pick them up. Such sales surged 43.2% on Black Friday from a year ago, according to Adobe.This holiday shopping season may be the most harried in years because it’s the shortest since 2013. Thanksgiving this year fell on the last Thursday in November — the latest possible date it could be.Much is riding on the success of the holiday season’s sales. The U.S. economy is still growing steadily, but gains have slowed since its sizzling start to the year. Economists say strong spending by households is helping to bolster growth and make up for weak confidence among businesses given all the uncertainties about the U.S.-China trade war and other factors. 1967
North Korea has agreed to refrain from conducting nuclear and missile tests while engaging in dialogue with South Korea, Seoul's national security chief Chung Eui-yong said Tuesday after returning from a meeting with North Korean leader Kim Jong Un.Chung added that Pyongyang also expressed willingness to talk to the United States "in an open-ended dialogue to discuss the issue of denuclearization and to normalize relations with North Korea."Chung said that as part of the dialogue, the two Koreas would hold a summit next month, the first of its kind in more than a decade.The last inter-Korean summit was in 2007, when South Korean President Roh Moo-hyun met Kim's father, late North Korean leader Kim Jong Il.The meeting will be held at the Panmunjom Peace House on the South Korean side of the demilitarized zone that divides the two countries, Chung said.Pyongyang and Seoul will also open a communication hotline that will enable Kim and South Korean President Moon Jae-in to speak directly.Moon sent Chung and four other top government officials to Pyongyang Monday, when they met with Kim and some of his top aides.It's believed to be the first time the young North Korean leader has ever met with any officials from South Korea since taking power in 2011.Developing story - more to come 1312
Next week will be the most-traveled in the history of flying, travel analysts are predicting.Records will be set, those in the travel industry say. There will be huge crowds moving through airports to visit family and friends for Thanksgiving.It won't be easy for air travelers, especially on Wednesday, Nov. 21, ValuePenguin reports. Most travelers know to get to airports well ahead of their departure times. But seriously, go early — it will be the busiest day of the year for airports, and the extra time is crucial to making it to a terminal on time. 583
NEW YORK CITY — Not all New York City public schools will begin their in-person instruction Monday as originally planned, Mayor Bill de Blasio announced Thursday."For months, teachers, principals and school staff have been working hard to make sure our students have the education they deserve while putting health and safety first," de Blasio said.The announcement came as educators have raised concerns over safety measures in school buildings and lack of preparedness.The mayor said he has talked with school officials about different types of school buildings and their levels of readiness and decided to develop an updated approach with several phases for resuming in-person learning.Beginning Monday,3-K, Pre-K and District 75 schools will reopenSept. 29: K-5 and K-8 schools will openOct. 1: Middle and high schools will reopenAll students in full remote programs will continue as planned, starting full-day instruction on Sept. 21."Our students, staff, and families have demonstrated tremendous resilience over the last six months, and we're going to continue to build on all the work we've done as we move forward," Schools Chancellor Richard Carranza said. "We are giving our schools more staff, more time, and more support to have the strongest possible start to the most unprecedented school year."The mayor also announced another 2,500 educators will be deployed to New York City schools in addition the 2,000 added earlier this week. The 4,500 total is still short of the 10,000 more staff requested by city schools.Those educators are expected to assist in in-person learning in schools to make sure that all students have a rigorous learning experience in a safe, healthy environment. President of the Council of School Supervisors and Administrators Mark Cannizzaro said the additional teachers would fulfill staffing needs at 3-K, Pre-K, District 75, K-5 and K-8 schools.The Department of Education continues to work with middle and high schools to establish their needs for additional staffing, de Blasio said.When asked what was "the straw that broke the camel's back," de Blasio, Cannizzaro and United Federation of Teachers Pres. Michael Mulgrew said school staffing shortages had not been resolved enough to have all school buildings safely reopen.Mulgrew also said it became apparent a "snow day scenario," where a large amount of students would be placed into a room with a teacher, cannot be used during the pandemic.He also acknowledged staffing issues have been raised for weeks, and they have been addressing the concerns and monitoring, but as teachers returned to schools, "that was when we noticed the huge need for more educators." 2672