Barnes & Noble has decided to split off its Nook Media business from its retail operations as part of a plan that the company came up with a while ago. Barnes & Noble launched the Nook e-book reader in 2009 to take advantage of the digital book market.
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Barnes & Noble Inc. Posts
Around three years ago, Liberty Media invested $204 million into Barnes & Noble, the struggling U.S. bookstore chain. Now Liberty Media Corporation is dropping its stake in Barnes & Noble by 90%. Liberty Media’s holdings will be dropped to around 1.66% from its previous 16.6% that was acquired in 2011 through a preferred stock investment.
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.
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On Monday, Barnes & Noble announced that CEO and director William Lynch has resigned. Lynch joined Barnes & Noble in March 2010. Lynch was brought in to help the company transition from a simple brick-and-mortar retail company to a digital e-book business.
Barnes & Noble, Inc. (NYSE:BKS) has announced that they are offering major discounts for the Nook HD and Nook HD+ for a one-week sale for Mother’s day. Starting today through May 12 (Mother’s Day), the 7-inch Nook HD will be available starting at $149 (8GB) and the 9-inch Nook HD+ will cost $179 (16GB). Outside of the sale, the Nook HD retails for $199 and the Nook HD+ for $269. The memory on both of these tablets can be expanded through a microSD expansion slot. If you want to get your hands on one these tablets, you can buy them through Barnes & Nobles’ retail locations, nook.com, Target retail stores, and Best Buy retail stores.
Barnes & Noble founder and chairman Leonard Riggio may want to buy out the bookstore company that he founded while still spinning out the Nook tablet division. Riggio owns 30% of Barnes & Noble stock and he has told the board of his interest. However the formal buyout process has not started yet according to sources with Bloomberg.
Barnes & Noble hit around $1.2 billion in revenues during the holiday period, but they will be working on shutting down many of their brick-and-mortar stores over the next decade. The company will be shutting down around 20 stores a year over the next decade according to The Wall Street Journal. This is around one third of their retail stores, which will bring the total down to 450-500 stores according to B&N executive Mitchell Klipper. Barnes & Noble has around 689 retail stores in operation total right now. Klipper says that less than 3% of Barnes & Noble stores are losing money, but they believe that more of their stores will be losing money in the coming years.