Barnes & Noble shares rise on Nook staff job cuts news

Barnes & Noble Inc. (NYSE: BKS) shares rose by as much as 9.6 percent on Monday after news that the bookseller cut jobs from its team of hardware engineers working on its money-losing Nook digital books and e-reader business, according to Fox News.

The company did not say how many cuts were made, but refuted a report by Business Insider stating it had eliminated its entire Nook hardware engineering team.

"We've been very clear about our focus on rationalizing the Nook business and positioning it for future success and value creation. As we've aligned Nook's cost structure with business realities, staffing levels in certain areas of our organization have changed, leading to some job eliminations," Barnes & Noble spokeswoman Mary Ellen Keating said in an email.

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