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Barnes & Noble Education Reports Received Correspondence From Outerbridge Capital Related To Intent To Nominate 4 Director Candidates

The BNED Board of Directors is committed to acting in the best interests of the Company and its stockholders. As part of that commitment, BNED strives to maintain open, constructive communications with its stockholders

Benzinga · -

The BNED Board of Directors is committed to acting in the best interests of the Company and its stockholders. As part of that commitment, BNED strives to maintain open, constructive communications with its stockholders and as previously disclosed, has engaged in discussions with Outerbridge over the last several months. As recently as last Friday, the management team and Board had substantive engagement with Outerbridge, and we were surprised to receive its nomination correspondence given our continued dialogue.

The BNED Board is comprised of seven highly qualified directors, six of whom are independent and all of whom take their fiduciary duty to stockholders seriously and all of whom are well equipped to govern the Company with strict accountability. Together, the BNED directors possess significant expertise in areas relevant and important to the business, including education, finance, technology, governance and leadership.

Our Board and management team remain focused on BNED’s strategic transformation to create value for our stockholders and deliver on our mission of serving students and our campus partners. We continue to expand the digital offerings of our retail and wholesale segments and grow our direct-to-student DSS segment through significant investments in product development, content and strategic acquisitions. As part of our transformation, we have successfully implemented a new go-to-market strategy across both our retail and wholesale segments, focused on driving more positive renewal and new business outcomes. As we continue to improve our sales execution, we are focused on actively managing our expense and capital spending during our transformation to digital platforms and offerings.

As we work to adapt to the industry’s rapid evolution, we have moved beyond the proof of concept phase for each of our key strategic initiatives and are now focused on accelerating their execution. We are confident these initiatives will position BNED for growth and drive additional revenue and cash flow as we realize our vision of becoming a premier provider of both physical and digital educational services.