PALO ALTO, CA—Barnes & Noble saysNOOK Media, LLC, has entered into an Assignment ofLease for its 208,000 square foot Palo Alto campus.
Employees will be relocated to new state-of-the art facilitiestotaling 88,000 square feet. NOOK employees willmove to a new facility in Santa Clara, whileBarnes & Noble College's digital education employees willrelocate to a facility in Mountain View Therelocations are expected to occur by the end of the first quarterof 2015.
The moves will result in a net reduction of annual occupancyexpenses of approximately $10 million, reducingthe company's future lease commitments by approximately$102 million. The asset impairment chargesresulting from this relocation are approximately $30million. Barnes & Noble also expects to incur cashclosing costs and to adjust lease accounting items in the firstquarter of fiscal 2015 to reflect the impact of theserelocations.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
