LeonardRiggio
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Barnes & Noble founder abandons plan to buy back retail business
Barnes & Noble's "founder"* Leonard Riggio has conceded that his plans to rescue the firm have been iced. Thanks to those same SEC regulations that tipped us to his intentions, the company's majority shareholder has admitted that he won't attempt his ambitious rescue of the ailing retailer. In a statement, Riggio urges B&N to push the Nook tablet, serve its 10 million-strong customer base and build out the company's struggling retail business. At the same time, Barnes & Noble let slip that at least one new Nook device will arrive before the holiday season, presumably the first that'll be produced by a third party -- but let's be honest, it's not looking good. *He founded the book chain that would buy the Barnes & Noble name, pedantry fans.
Barnes & Noble founder pondering bid to buy back retail business, hive off Nook Media
Just 12 hours after (already denied) rumors circulated that Barnes & Noble may ditch its Nook business, the company has had to make an announcement concerning its retail division. Thanks to SEC regulations, the company has had to 'fess up that majority shareholder and "founder*" Leonard Riggio is pondering buying the brick-and-mortar retail business -- presumably hiving off the Nook brand as a separate entity. Of course, this could easily just be the rattling of sabers by a disgruntled founder (and not for the first time of late), or we might see the bookseller cleft in two parts in the near future. Either way, we'll be watching with great interest. * He founded the book chain that would buy the Barnes & Noble name.
Guess what Barnes & Noble Chairman Leonard Riggio doesn't use to read? A Nook
That's right, folks. Barnes & Noble, a company which -- according to its recent earnings -- is making pretty nice inroads into the digital book market, is headed up by a self-proclaimed Luddite. In a recent short profile in New York Magazine, Riggio admitted quite openly that he'd rather turn actual pages, and carry around actual books than use his Nook. While he believes that the convenience of the e-reader will trump most readers' attachment to the physical book, Riggio (in direct opposition to, say, Amazon CEO Jeff Bezos) holds firm in the belief that brick and mortar stores will always exist for books, and says he's too busy, and too old, to adjust to the new format. In fact, he's reading a hardcover copy of Mustaine right now. Oh wait, that's... us.
