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Barnes & Noble

Leonard Riggio Has Sold 3.7 Million Barnes & Noble Shares

barnesandnobleBarnes & 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.

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Liberty Media Unloads Majority of its Barnes & Noble Stock

barnesandnobleLiberty Media Corporation is selling off its majority stake in Barnes & Noble “to qualified institutional buyers in reliance on Rule 144A under the Securities Act,” the company reported today.

Liberty will hold on to about 10 percent of its investment. The sale is expected to settle on Tuesday, April 8. In its new position, Liberty will lose its two preferred stock directors on Barnes & Noble’s Board — Greg Maffei and Mark Carleton will no longer serve on the board as of April 8th.

“By reducing our preferred position and eliminating some of our related rights, Barnes & Noble will gain greater flexibility to accomplish their strategic objectives,” stated Greg Maffei, President and Chief Executive Officer, Liberty Media. “We look forward to maintaining our relationship with the Company and are pleased that Mark Carleton will continue serving on the board. Mike Huseby and his team are doing a great job in the retail, college and NOOKspaces.”

 

Barnes & Noble Releases Self-Publishing Tools in Europe

nookBarnes & Noble’s digital publishing arm NOOK Media has officially introduced its self-publishing platform NOOK Press to authors and publishers in the UK, France, Germany, Spain, Italy, the Netherlands and Belgium.

Using the platform, authors and publishers can self-publish their books in these territories. The platform is also now available in multiple languages including French, Italian, German, Spanish, Dutch, and English. Royalties will be paid in their local currency.

“By expanding NOOK Press to the international community, we’re furthering our dedication to bring NOOK’s best-in-class digital reading experience and exciting new content to our customers around the globe,” stated Colin Eustace, General Manager, Barnes & Noble S.A.R.L. “Our goal is to get more people reading digitally, and with NOOK Press, we’re offering readers access to new voices and stories, and it’s another great reason to start reading with NOOK.”

Nook to Launch Nook Press in UK

nookBarnes & Noble’s digital arm Nook has plans to introduce its self-publishing platform to authors in the UK tomorrow, according to reports.

To support the launch, the retailer is a marquee sponsor at the Oxford Literary Festival this weekend where they will host self-publishing seminars, as well as a “Nook Experiential Area” where writers can explore the company’s products.

The Bookseller has more: “Colin Eustace, general manager of Barnes & Noble, S.A.R.L said:…’As Nook continues to grow in the UK we are proud to announce the upcoming launch of the Nook Press self-publishing platform and we invite authors and writers at the Oxford Literary Festival to speak to a representative for more information.’”

National Education Association’s Read Across America Takes Place March 3rd

NEACalling all children, it’s time to read! National Education Association’s (NEA) 17th Annual Read Across America event will take place on Monday, March 3, 2014.

The day is designed to encourage reading among school kids. Here is more about the event from the website: “The Seussical celebration will kick off a week of reading across the nation as NEA members gather students, parents, and community members together to share their love of reading. It’s never too early to plan your event and NEA’s RAA will be posting tips and resources to help you make your event Seussational.”

Schools, libraries and book stores are encouraged to host their own events to support the cause. For example, Barnes & Noble is hosting free story time events to support the national day of reading at stores across the country.

Barnes & Noble Gets Acquisition Offer From G Asset Management

NookPrivate investment management firm G Asset Management (GAM) has offered to buy 51% of Barnes & Noble, Inc., valuing the company at $22 per share. GAM has also made an alternative offer to acquire 51% of the Nook segment, valuing the segment at $5 per share. Both deals are subject to approvals, and negotiations.

Here is more from the press release: “GAM  stated in its proposal that it was extremely confident that if the Nook segment is separated from the profitable retail and college business, substantial shareholder value would be created.”

The company had offered to buy the book chain for $20 a share last year but the deal never went through. Barnes & Noble chairman Leonard S. Riggio also considered buying the company. Since then former B&N CEO William Lynch has left the company and  Michael P. Huseby has taken over the reigns as CEO.

William Lynch, Former Barnes & Noble CEO, Lands New Technology Job

lynchWilliam J. Lynch, the former CEO of Barnes & Noble has been appointed CEO of Savant Systems, a company involved in Internet-enabled appliances for the home.

Lynch resigned from the book retailer in July after numerous quarters of shrinking revenues. Lynch had spearheaded Barnes & Noble’s Nook business, which faced stiff competition from Amazon.

Lynch will continue to be involved in technology in his new role at Savant Systems. The company focuses on “the Internet of things,” or using technology to remotely manage appliances, home theater, music, security, thermostat, lights, energy management, and automated shades. Lynch replaced Robert Madonna, the company’s founder and CEO since 2005. Madonna will now serve as Chairman of the Board.

 

NOOK Tests Free eBook Promotion in Australia

nookwindows8Barnes & Noble’s NOOK Media is running a limited-time free eBook and magazine promotion through the NOOK app for Windows 8.1 in Australia.

Customers that install the app as a new user and then sign in with a Microsoft account will get access to five free books and five free magazines. The free eBooks include: Catch the Zolt: The Debt Instalment One by Phillip Gwynne, Be Careful What You Wish For by Gemma Crisp, The Slap by Christos Tsiolkas, Back to the Pilliga by Tony Parsons and The Fence-Painting Fortnight of Destiny: A Memoir by Meshel Laurie. The free magazines include: Australian Geographic, GQ, Good Health, Vogue and Taste.com.au Magazine.

This is the first free offer that the book retailer is trying in Australia. “We recently rolled out compelling free offers to customers in the UK and Spain and now we’re excited to offer free bestselling eBooks and top magazines to customers in Australia,” stated Doug Carlson, Executive Vice President of Digital Content and Marketing at NOOK Media.

Barnes & Noble’s Retail Revenue Down 6.6% During The Holidays

barnesandnobleBarnes & Noble’s retail business, which includes sales from Barnes & Noble bookstores and BN.com, earned $1.1 billion in revenues during the nine-week holiday period ending December 28, 2013.

The earnings represent a 6.6% decrease over the prior year, which the company attributed to a 5.5% decline in comparable sales and store closures.

Here is more from the press release: “The NOOK segment (including digital content, devices and accessories), had revenues of $125 million for the nine-week holiday period, decreasing 60.5% as compared to a year ago.  Device and accessories sales were $88.7 million for the holiday period, a decrease of 66.7% from a year ago, due to lower unit selling volume and lower average selling prices.  Digital content sales were $36.5 million for the holiday period, a decline of 27.3% compared to a year ago due to lower device unit sales and lower average selling prices.”

Barnes & Noble Shutters 5th Ave Store in NYC

barnesandnobleBarnes & Noble has closed its store on 5th Ave in New York City. Signs in the window of the store directed shoppers to its larger Union Square location, which is located around the corner from the 5th Ave. location.

Gothamist has the scoop: “Company spokesperson Mary Ellen Keating tells us the store closed at the end of the day yesterday, and that at the time the location was one of the company’s college bookstores and not a general retailer. ‘The store sold primarily textbooks, and had a large selection of trade,’ she said in a statement. ‘Trade business has largely been transferred to our nearby Union Square store, now by far our largest volume store in the country.’”

The news does not come as a surprise. The company has been suffering losses over the past couple of years. In November, Barnes & Noble’s reported that its consolidated revenues for the second quarter were down 8 percent. The company just appointed Michael P. Huseby as its new CEO.

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