The new owner of Barnes & Noble – the bookstore chain with locations in Exton, Devon, and Broomall – is planning to invest in the stores, not cut costs further, according to a Knowledge@Wharton podcast.

Barnes & Noble, which has seen its sales drop drastically due to Amazon’s takeover of the market, has been acquired by Elliott Management. The hedge fund already owns the largest book chain in the U.K., Waterstones.

Waterstones CEO James Daunt will be tasked with running Barnes & Noble, and he already has a plan for revitalizing the chain.

In fact, Daunt, a former bookshop owner and avid reader, does not plan to cut costs at Barnes & Noble as part of the acquisition.

“The simple fact is that Barnes & Noble needs money,” he said. “People want to shop in places that look modern, clean, and inviting. The Barnes & Noble stores look tired and need a little Botox.”

Instead, Daunt is planning to give each branch manager more autonomy to cater to locals, an idea he already successfully implemented at Waterstones.

“I think bookshops must have a personality,” he said.

Listen to what lies ahead for Barnes & Noble on a Knowledge@Wharton podcast here.

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