NO! Barnes & Noble considers selling itself

[~~whimsy~~]

Bookstore behemoth Barnes & Noble Inc., facing tough competition from online retailers and a free-falling stock, said Tuesday that it was considering selling itself.

The New York company said it was putting together a special committee to "evaluate strategic alternatives" to boost its "significantly undervalued" shares.

Shares surged 26% in after-market trading to $16.17 after closing down 98 cents, or 7.1%, at $12.84. The stock has nose-dived since April, when the price was hovering around $25.

The bookseller's vulnerability has already captured the attention of Los Angeles billionaire and celebrity hobnobber Ron Burkle, a major stakeholder who has been making moves to increase his roughly 19% stake in the company.

The former supermarket magnate has slammed the bookseller's current management while aggressively buying up shares.

His investment firm Yucaipa Cos. sued Barnes & Noble in May in an attempt to dismantle the company's poison-pill policy, which tries to prevent hostile takeovers by banning investors from hoarding more than 20% of its shares without approval from the board. Barnes & Noble Chairman Leonard Riggio, who holds about a 30% stake, testified last month in a Delaware trial that he and his advisors had discussed how to thwart Burkle's tactics.

The special committee to review a possible sale will consist of four independent directors who will consider various options before making a recommendation, the company said. It did not provide a set timeline.

In making the announcement, the company also said that Riggio was thinking of joining an investor group to buy the book retailer.

http://www.latimes.com/business/la-fi-barnes-noble-20100804,0,825442.story?

I hope they remain intact and able to stay around. I love this store.

 

[Vosslier]

I love that store too, but the closest one to me is hour and a half away. So I just buy all my books off Amazon.

 

[ApolloBalboa]

It's really one of the only remaining bookstore chains, the only other one that comes to mind is Borders, and they're doing pretty poorly as well. Anyone remember Crown Books?

 

[titsrock]

I think Amazon, Target and Costco are killing them.

Damn shame too because it further dissolves whatever literary blood is left in this country..:crying:

 

[Baill Inneraora]

I'm not a fan of the place, but I would hope it remains intact.

(I'm more of a small mom and pop bookstore guy)

 

[~~whimsy~~]

I don't know of too many mom and pop bookstores. Usually places like that around me tends to just be used books and magazines for sale.

 

[Baill Inneraora]

The Book Loft is where I like to go. Its a mom and pop in historic German Village in C-bus.

http://www.bookloft.com/

 

[LukeEl]

I still enjoy going to my local B & N but maybe they should invest more money in hiring more cashiers with phd's in Philosphy making $9.50 per hr. Honestly I was at my local B & N yesterday with 20 people in line and 1 cashier. I left said line and counted about 7 staff members stocking shelves or just standing there looking useless wearing a lamenet lanyard. Then I went over to the music and movies register and the kid who looked like an extra from Twatlight couldn't ring me up because only cd's and dvd's could be purchased in the section he worked in. I lost my patience and told him that I could buy and sell him ten times over. Then I went over to the Starbucks they have there and had some overcaffinated bubble gum chewing emo chick ring me up. All and all a trip to Barnes and Noble's that I thought was going to take a minimum, of 15 minutes. Turned into an hour an a half.

 

[bustybbwlover]

i always liked borders better but both are good...they're where i hung out when i was a teenager, them and the library....yes i was a geek

 

[shayd]

It'll be interesting to see what the plan is to reshape the company.