Waterstones boss takes helm at Barnes & Noble

The boss of UK book retailer Waterstones is being parachuted in to help the turnaround of giant US chain Barnes & Noble. James Daunt's appointment was announced as part of a takeover of Barnes & Noble by hedge fund Elliott Management, which already owns Waterstones. Barnes & Noble has been listed on the New York Stock Exchange since 1993. The chain suffered after Amazon turned the market upside down, and Barnes & Noble's efforts to pull in a more tech-savvy audience with its Nook e-book reader failed to compete with the Kindle and other tablets. In 2014, Barnes & Noble closed its New York Fifth Avenue store - once the world's largest bookstore - and has faced declining sales for at least the past three years.

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