InsideMobileApps InsideSocialGames 10,000 Words FishbowlNY FishbowlDC LostRemote TVNewser TVSpy AgencySpy PRNewser MediaJobsDaily UnBeige

Major Bookstore Investor Sells Off Stock

barnes-noble-logo.jpgPershing Square Capital Management recently dropped all its Barnes & Noble stock. In September, the hedge fund reported a 11.8 percent stake in that Barnes & Noble.

Bloomberg has the story, noting that the fund’s manager William Ackman (Borders’ largest shareholder) had struggled with his bookstore holdings: “The falling value of Barnes & Noble and rival bookseller Borders Group Inc. contributed to a 12 percent decline in Ackman’s largest hedge fund last year.”

Recently Barnes & Noble announced that holiday sales had dropped 5.2 percent and Borders announced that sales had dropped 11.7 percent. Some think the stock moves could indicate more about the future of Borders. Publishers Weekly said the move “will likely fuel speculation that Ackerman is thinking of taking Borders private.”

Mediabistro Course

Fashion Writing

Fashion WritingStarting September 23, work with the contributing editor at ELLE.com to get your writing published in fashion magazines and websites! In this course, you'll learn how to write fashion headlines, runway reviews, and fashion features, write compelling pitch letters, and gain insight into the fashion industry. Register now!