Barnes & Noble Chairman to Bid for Chain’s Retail Business
The chairman of Barnes & Noble plans to bid for the retail business of the bookstore as the company struggles with a changing competitive landscape.
On Monday, Leonard Riggio told the company’s board that he would make an offer for Barnes & Noble Booksellers, barnesandnoble.com and other retail assets. The proposal would not include the e-book division, Nook Media.
Like many retailers, the company is confronted by waning profit in its core business, as online retailers and other competitors gain market share. Barnes & Noble recently warned that earnings would be weak in the latest quarter.