Barnes & Noble Chair Wants To Buy Retail Business
New York, N.Y. (AP) - Barnes & Noble Chairman Leonard Riggio has told the book seller he is going to try to buy the company's retail business.
Riggio disclosed in a regulatory filing Monday morning that he wants to acquire the company's stores and website, but not the business that makes the Nook e-reader or the company's college bookstores. No price was disclosed.
Barnes & Noble has invested heavily in the Nook as more readers have shifted to electronic books and to deal with tough competition from discount stores and online competitors.
The filing with the U.S. Securities and Exchange Commission says Riggio will seek to negotiate a price with Barnes & Noble's board and pay for the deal with cash and debt.
Riggio is Barnes & Noble's largest shareholder, with nearly 30 percent of the company's shares.
Copyright 2013 Sinclair Broadcast Group, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.