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Barnes & Noble tried to bury some bad news about its Nook business in an SEC filing this morning.First, it announced some good news: Pearson is going to invest $89.5 million in the Nook business at a $1.8 billion valuation.
The Nook business is supposed to be spun out. Microsoft is also an investor in the Nook business.
Here’s the bad news: “Based on preliminary sales results to date in the holiday period and sales trends, the Company expects its holiday sales results will be below expectations and that the NOOK business will not meet the Company’s prior projection for fiscal year 2013.”
That’s not what you want to hear days after the biggest shopping period of the years comes to a close.