Barnes & Noble Chairman Leonard Riggio has sold 3.7 million shares of common stock, a portion of his holdings of Barnes & Noble stock. After the sell off, Riggio’s holdings are expected to represent approximately 20 percent of Barnes & Noble’s Common Stock outstanding.
“After this sale I remain the Company’s largest shareholder, a position I feel very good about,” explained Leonard Riggio, Chairman of Barnes & Noble, in a statement. ”I love this company and I believe in its future as I do in all of the wonderful people who work here.” Riggio revealed that his sale is part of his long-term financial and estate planning. He has no plans to sell more stock this calendar year.
Earlier this month, the Liberty Media Corporation sold of its majority stake in Barnes & Noble “to qualified institutional buyers in reliance on Rule 144A under the Securities Act.” The company kept about 10 percent of its investment in the company.