Barnes & Noble CEO James Daunt has mastered the art of the bookstore turnaround

Over the past six years, James Daunt has operationally flipped the U.S.’s largest bookstore chain upside down. Now in growth mode, the once-struggling retailer is a prime example of how to save one.

To best understand Daunt’s approach, one needs to look back several decades. Daunt, a former banker, set up his own indie bookstore called Daunt Books in the U.K. in 1990. “I wanted to set up a business of my own as closely aligned as possible to my personal interests,” Daunt told Modern Retail. “Reading topped these and, therefore, a bookstore seemed a good fit.”

After the success of Daunt’s Waterstones, Elliott Advisors acquired a majority stake in the business in July 2018. And in 2019, Elliott acquired Barnes & Noble for about $683 million, making Daunt its CEO, in addition to his role as CEO of Waterstones. He moved from London to New York.

Just like he did at Waterstones, one of the first changes Daunt made at Barnes & Noble was stopping the practice of accepting payments from publishers for prime in-store placements, as Modern Retail previously reported. Daunt has also prioritized promoting from within to create a workforce of dedicated booksellers, rather than managers who had previously worked for retailers in different categories.

While its financial figures are private, Daunt appears to have been successful. After a decade of falling sales and store closures, Barnes & Noble is expanding again. The chain opened about 60 stores in 2025 and expects to do the same in 2026.

Barnes & Noble’s James Daunt has mastered the art of the turnaround

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