Yeah, they could have managed the holiday season better. They could have a better strategy for ecommerce. So what? It doesn't fundamentally change anything. It maybe delays the inevitable for a year or two? But in the end, B&N is almost certainly going out of business.
EDIT: I guess there are two other possibilities:
1. B&N finds another B&M strategy that works beyond just selling books. But it's not clear what, given their financial situation, existing stores, employee base, etc. Either way, lots of layoffs between here and there.
2. They pivot to selling books online solely. This actually seems likely, at least for awhile, because it's a decent brand, and they're already doing this, so this would just mean shutting down all their stores. But all these employees are still losing their jobs in that scenario.