B&N CEO Fired – no explanation

In a brief statement released late Tuesday afternoon, the retailer said CEO Demos Parneros was terminated for “violations of the Company’s policies.” While not saying what policies Parneros violated, B&N said his termination “is not due to any disagreement with the Company regarding its financial reporting, policies, or practices or any potential fraud relating thereto.” In addition to being fired immediately, Parneros will not receive any severance, B&N said. B&N said Parneros’s removal was undertaken by its board of directors, who were advised by the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.