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Barnes & Noble.com

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was down 11.8% in preopen

Island

trading.

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After Wednesday's close, the online bookseller

posted a fourth-quarter loss of 36 cents per share, missing the lowered

First Call/Thomson Financial

estimate of 31 cents and worse than the year-earlier 27-cent loss.

The company, which was originally supposed to report results last week, said it fired about 16% of its staff, or 350 people.