Barnes & Noble, Inc. (BKS) Chairman Decides Not To Buy Bookstores
Barnes & Noble, Inc. (NYSE:BKS) chairman Leonard Riggio has announced today that he will no longer attempt to buy the company’s bookstores. Barnes & Noble, Inc. (NYSE:BKS) also said that they will stop making their line of Nook color tablets. Riggio announced announced in February that he wants to bid for the company’s 675 physical stores. That would had split the company in half. Riggio did not reveal how much he would pay. The board was unwilling to consider anything short of $1 billion though.
Barnes & Noble, Inc. (NYSE:BKS) has been struggling financially lately. The company saw a number of disappointing earnings and saw the departure of CEO William J. Lynch Jr. “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,” stated Riggio.
Barnes & Noble, Inc. (NYSE:BKS) reported a loss increased to $87 million from $39.8 million in the period a year earlier, according to The New York Times. Revenues at Barnes & Noble, Inc. (NYSE:BKS) dropped 8.5% to $1.33 billion.