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Posts Tagged ‘Ron Burkle’

Barnes & Noble Reports 21% Increase in Total Sales for First Quarter

barnes-noble-logo1.jpgToday Barnes & Noble reported that total sales for the last quarter were $1.4 billion–a 21 percent increase compared to the same period last year.

The company also reported a “consolidated net loss” of $63 million. $9.5 million of that came from the bookseller’s expensive, but ultimately victorious, court battle against Ron Burkle‘s investment company. CEO William Lynch had this statement: “As we have previously stated, the company is allocating significant financial resources to strengthen its digital businesses in fiscal 2011 to maximize our ability to power growth and capture share of the emerging digital market.”

For more coverage, check out eBookNewser’s take on the company’s digital book future.

ZDNet had this take: “its digital book market share now tops the 17 percent it enjoys in the physical book market.” Finally, Daily Finance looks ahead to coming financial battles at the bookseller.

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Judge Rules Barnes & Noble Made ‘Reasonable Response’ To Ron Burkle Over Stock

barnes-noble-logo1.jpgToday Delaware Court of Chancery vice chancellor Leo. E. Strine Jr. ruled that Barnes & Noble could legally keep investor Ron Burkle from increasing his stake in company.

The New York Times has the scoop: “‘The defendants have shown that their adoption and use of the Rights Plan was a good faith, reasonable response to a threat to Barnes & Noble and its stockholders,’ Vice Chancellor Strine wrote in the opinion.”

Burkle had sued the bookseller, alleging that shareholders had created an unfair situation by keeping him from increasing his stake in the company. Earlier this afternoon, Barnes & Noble released a terse statement that they did not reach a predicted settlement with Burkle and his investment firm, Yucaipa Companies. In response to “press reports of a potential agreement with Yucaipa,” the bookseller issued this statement: “Barnes & Noble and Yucaipa were unable to conclude an agreement on mutually acceptable terms.”

Barnes & Noble Predicted to Settle Lawsuit with Ron Burkle

barnes-noble-logo1.jpgReports surfaced last night that bookseller Barnes & Noble will announce a settlement today in a lawsuit with stockholder Ron Burkle. Burkle had sued the bookseller, alleging that shareholders had created an unfair deal keeping him from increasing his stake in the company.

Journalist Sarah Weinman has covered the case for months over at Daily Finance, and summarized the expected deal: “Three new members will be added at the September 28 shareholders meeting, expanding the total number of directors from 9 to 12. One appointed by Burkle through his Yucaipa Companies investment firm, and two lacking any overt ties to either side. At some point in the future, however, the board of directors will then shrink to 11 when an existing member takes himself out of the running for a re-election bid.”

The news comes on the heels of last week’s bombshell announcement that the company was considering putting itself up for sale, among other “strategic alternatives.” It seems the board is seeking to make peace during these uncertain times.