B&N’s Parneros Strikes Back

In a lawsuit filed August 28 in the U.S. District Court for the Southern District of New York, former Barnes & Noble CEO Demos Parneros has charged the retailer with breach of contract and defamation of character. The suit contains numerous unflattering revelations about the inner workings of B&N, and includes the bombshell news that a deal to sell the company to another “book retailer” fell through in June.

Parneros was abruptly fired from B&N on July 3, for unspecified violations of company policy. He was let go without severance. In his suit, Parneros claims that the nature of his firing, coupled with the current employment environment, left the public to assume he was guilty of sexual harassment. He denies, however, that this was the case.

Claims in Parneros’s suit indicate that his relationship with B&N chairman Len Riggio began to sour after an unnamed book retailer withdrew its offer to buy the company in June. According to the complaint, the retailer withdrew its offer after completing due diligence.

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