Barnes & Noble ex-chairman drops bid for retail locations

New York /
Aug.August 20, 2013 03:00 PM

Barnes & Noble, which has numerous locations throughout the five boroughs, lost former Chairman Leonard Riggio’s bid for the company’s retail business.

“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,” he said in an SEC filing.

Riggio’s announcement follows Barnes & Noble CEO William Lynch’s departure last month, after which the company did not immediately name a replacement.

The embattled bookseller took another hit in the first quarter with large losses and a 12 percent slump in morning trading. Net losses for the company’s three months ending July 27 hit $87 million — compared to a loss of $39.8 million at the same time last year. Revenue likewise slid 9 percent to $1.33 billion, falling from $1.45 billion in 2012.

The company shuttered its Lincoln Center location in 2010, and in January announced plans to close up to a third of its retail stores over the next decade, starting in 2014.

“We are working on innovative ways to sell content to our existing customers and are exploring new markets we can serve successfully,” Michael Huseby, president of Barnes & Noble, told Crain’s, pointing to plans to release a new Nook device during the holiday season. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Skylight Real Estate's Bennat Berger with 300 Grand Street (Skylight Real Estate, Street Easy, iStock)
Scarcity play: Hoboken apartments fetch $56M
Scarcity play: Hoboken apartments fetch $56M
From left: Bert H. Dweck and Joe Sitt with 790 Madison Avenue (
Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
U.S. home price growth slows for first time in five months
U.S. home price growth slows for first time in five months
From left: U.S. Assemblymember Thomas Suozzi, Governor of New York Kathy Hochul, and New York City Public Advocate Jumaane Williams (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Hochul challengers bang pro-tenant drum before primary election
Hochul challengers bang pro-tenant drum before primary election
IBM's Arvind Krishna and One Madison Avenue (IBM, One Madison Avenue, Illustration by Kevin Cifuentes for The Real Deal)
IBM CEO: Only 60% of office workers will ever return full-time
IBM CEO: Only 60% of office workers will ever return full-time
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...