It was widely reported yesterday that Len Riggio, chairman of Barnes & Noble booksellers, is preparing to buy back the chain of bricks-and-mortar bookstores that he took public in 1993. The purchase would include barnesandnoble.com and Sterling publishers, as well as 689 stores, but not the Nook division.
In his securities filing, Riggio cited the competitive challenges to the bookselling business, which include B&N's biggest rival, Amazon.com. Taking the company private would relief it of the public company's intense pressure to give shareholders a return on investment.
Image: Courtesy of Barnes & Noble