The founder of Barnes & Noble plans to bid for the retail business of the bookstore chain he started 40 years ago, as the company struggles to deal with the changing competitive landscape.
On Monday, Leonard Riggio told the company’s board that he will make an offer for Barnes & Noble Booksellers, barnesandnoble.com and other retail assets. The proposal would not include the e-book division, Nook Media.
Like many retailers, Barnes & Nobles is dealing with waning profit in its core business, as online players and other competitors gain marketshare. The company recently warned that earnings in the latest quarter would be weak, with losses rising in its Nook Media division.
Mr. Riggio, who owns nearly 30 percent of Barnes & Noble, plans to negotiate the price with the board, according to a regulatory filing. The proposal is expected to be mainly in cash.
