I can see how the author views this as company mismanagement, but I'd offer a possible counter:

Online is killing retail, full stop. High touch sales models everywhere have lost profitablity due to "showrooming" -- curation and upselling aren't profitable for B&N, and they won't ever be again. To adapt, management needs to move to a lower touch model based on thin margins, web sales, and simpler stores. To do this, they need cash and they need to make staff cuts.

Everything in the article fits perfectly with this course of action.