(Reuters) - Barnes & Noble Inc's founder on Tuesday pulled the plug on his plan to buy the company's bookstores and the chain posted a deeper quarterly loss, sending its shares down as much as 16 percent in early trading.
The quarterly results came in slightly ahead of Wall Street expectations, but sales of B&N's Nook device and e-books plunged, and business at its stores slumped.
Leonard Riggio, the company's chairman, founder and top shareholder, said he has suspended his efforts to make an offer for B&N's retail business but reserves the right to pursue an offer in the future.
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%0D%0A%20%20Leonard%20Riggio,%20the%20company's%20chairman,%20founder%20and%20top%20shareholder,%20said%20he%20has%20suspended%20his%20efforts%20to%20make%20an%20offer%20for%20B%26N's%20retail%20business%20but%20reserves%20the%20right%20to%20pursue%20an%20offer%20in%20the%20future.%0D%0A%0D%0A%0D%0Ahttps%3A%2F%2Fwww.bookbusinessmag.com%2Faggregatedcontent%2Fbarnes-noble-founder-halts-plan-buy-stores-loss-widens%2F" target="_blank" class="email" data-post-id="6459" type="icon_link"> Email Email
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