Barnes and Noble Up for Sale
August 4, 2010
(Chattahbox) – The nation’s largest bookstore chain went up for sale on Tuesday, according to the Wall Street Journal. Barnes and Noble has been facing intense financial pressure due to the rough economy and the increase in popularity of e-books.
Leonard Riggio, the founder and chairman, is said to be trying to set up a group of investors to buy the company. Going private could help the business grow and redefine itself without having to deal with shareholders and the fluctuating market.
It’s possible the new owners will expand on the Nook e-book reader and Barnes and Noble digital bookstore, which have potential to compete with sellers such as Amazon and its Kindle. Barnes and Noble is in the early stages of selling the company. Shares of bookseller Barnes & Noble (BKS.N) jumped 28.3 percent to $16.48 in pre-market trading.