Former Barnes & Noble CEO sues over his firing


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The previous CEO of Barnes & Noble is suing the bookseller over his firing final month.

Demos Parneros filed a lawsuit in opposition to the corporate in federal courtroom Tuesday. He says within the criticism that Barnes & Noble fired him with out trigger and “irrevocably broken” his fame.

His lawsuit alleges breach of contract and defamation and asks for severance, misplaced wages and different damages.

In keeping with the swimsuit, Parneros misplaced his job after a deal to promote Barnes & Noble (BKS) fell by way of in early June, at which level firm founder and government Leonard Riggio turned in opposition to him and fabricated causes to take away him.

Barnes & Noble fired Parneros in early July, citing unspecified violations of firm coverage. The lawsuit says he was not paid severance due underneath his contract and was faraway from the board instantly, after serving as chief government since April 2017.

Within the lawsuit, Parneros mentioned Barnes & Noble used language in a press launch saying his termination that it “knew full nicely was false however could be learn as reporting that Parneros had engaged in severe sexual misconduct.”

On Tuesday, Barnes & Noble reiterated that it had fired Parneros as a result of a number of violations of firm insurance policies.

The lawsuit “is nothing however an try and extort cash from the Firm by a CEO who was terminated for sexual harassment, bullying habits and different violations of firm insurance policies after being within the position for roughly one 12 months,” the corporate’s board of administrators mentioned in a press release.

The board added that it had been suggested by attorneys at regulation agency Paul, Weiss, Rifkind, Wharton & Garrison when it unanimously moved to terminate Parneros “following a radical investigation that exposed a number of examples of serious misconduct.”

It additionally defended Riggio, who the board says is understood “as a person and chief that upholds the very best requirements of integrity and decency.”

The lawsuit comes at a troublesome time for Barnes & Noble, which has struggled within the age of Amazon (AMZN). Gross sales have declined every of the final 5 years, and the corporate has misplaced cash in three of these years.

CNNMoney (New York) First printed August 28, 2018: 7:42 PM ET

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