The pandemic’s effect on schools diminishes revenue
Barnes & Noble Education faced significant challenges as COVID-19 (coronavirus) disrupted college campuses. The move to online education and reduction of students on campus in 2020 and 2021 contributed to a 22.5% decline in revenue since the pandemic began. From 2019 to 2020, an estimated 26.1% of college students dropped out. Recent declines in COVID-19 infection and death rates have opened doors for in-person learning, benefiting Barnes & Noble Education. The company offers e-textbook services, which have grown in popularity, through its 648 virtual campus book stores. Demand for digital textbooks emerged long before virtual school and will likely increase.
COVID|Balance Sheet|Competition|New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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