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Barnes & Noble Chairman Drops Bid to Buy Its Bookstores

20 August 2013

From The New York Times:

Barnes & Noble‘s chairman, Leonard Riggio, disclosed in a regulatory filing on Tuesday that he had dropped efforts to buy the company’s bookstores.

The move raises further questions about the bookseller’s future after it previously announced plans to stop making its line of Nook color tablets.

Mr. Riggio first announced plans to bid for the company’s 675 physical stores in February, in a move that would have essentially split the company in half.

. . . .

“While I reserve the right to pursue an offer in the future, I believe it is in the company’s best interests to focus on the business at hand,” Mr. Riggio said in a statement.

Mr. Riggio’s disclosure came on the same day that Barnes & Noble reported a greater-than-expected fiscal first-quarter loss.

Link to the rest at The New York Times and thanks to Abel for the tip.

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5 Comments to “Barnes & Noble Chairman Drops Bid to Buy Its Bookstores”

  1. Time is on his side.

    They can take his offer now or he’ll just wait till next quarter and make a much lower one….if he still wants it by then.

    Another dumb move by the B&N board if you ask me. Their ship is sinking and they’re wasting time arguing over the quality of the lifeboat.

  2. [blockquote]“While I reserve the right to pursue an offer in the future, I believe it is in the company’s best interests to focus on the business at hand,” Mr. Riggio said in a statement.[/blockquote]

    What is B&N’s ‘business at hand’ if not bookstores?

    • Surviving til February without slipping into Chapter 11.
      As of today, it’s no sure thing.

  3. Anybody want into the pool?

    They don’t meet my bookbuying needs and stopped doing when they switched half the store to toys and stationery. Seriously, I’ll be sorry when they go. In my area, there’s no indie store of any size, and my writers’ group will lose its meeting site.

    • On the other hand, if you watch for e-coupons, you can get some SWEET Doctor Who toys on the cheap! I got the build-your-own-Sonic-Screwdriver kit for like twenty-five bucks.

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