If Barnes & Noble Goes Out of Business, the Entire Book Industry Suffers

Even by the standards of the ailing book publishing industry, the past year has been a bad one for Barnes & Noble. After the company spun off its profitable college textbook division, its stock plunged nearly 40 percent. Its long-term debt tripled, to $192 million, and its cash reserves dwindled. Leonard Riggio, who turned the company into a behemoth, has announced he will step down this summer after more than 40 years as chairman. At the rate it’s going, Barnes & Noble won’t be known as a bookseller at all—either because most of its floor space will be given over to games and gadgets, or, more ominously, because it won’t even exist.