Barnes & Noble now up for sale
Barnes & Noble has said this week, somewhat surprisingly, that it plans to put itself up for sale after suffering large losses in the battle for leader in the digital books market.
After the news, shares of the company jumped as high as 27 percent, finishing the day up 19 percent.
Founder and largest shareholder Leonard Riggio said he would consider being part of an investment group that could purchase the company.
The news appears to signal that the company is in desperate need of strong decisions that may not be so easy as a public company.
Says Forrester analyst James McQuivey: “They might feel they want to buy the company back now and take it public later and reap the windfall. But there aren’t a lot of investors who will be that certain about the probable outcome of that bet.”
The company has now formed a “special committee of four independent directors to consider all options for increasing shareholder value.”
While the company remains the top brick-and-mortar book store in the world, it has faced increasing pressure from Amazon and Wal-Mart.
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