Barnes & Noble Inc.’s founder and chairman, Leonard Riggio, told the bookstore chain he is interested in buying its consumer business and spinning out the unit that makes the Nook tablet, a person familiar with the matter said.
Barnes & Noble Inc. gained after Chairman Leonard Riggio said he will offer to buy the stores and website of the chain he founded more than 40 years ago as it struggles to navigate the rising popularity of digital books.
Barnes & Noble Inc.’s shareholders voted to keep Chairman Leonard Riggio on the board of the company he founded, rejecting an attempt by Ron Burkle’s Yucaipa Cos. to shake up the largest U.S. bookstore chain.
Barnes & Noble Inc. Chairman Leonard Riggio testified that he’s been displeased for years with Yucaipa Cos.’ Ron Burkle , who is asking a judge to change the bookseller’s “poison pill” anti-takeover defense so he can buy more of its stock.
Barnes & Noble Inc.’s surprise loss during what’s usually its most profitable quarter was triggered by a 26 percent sales drop at Nook, the only segment that had been growing and is essential to aiding a shift to e-books.