Barnes & Noble Inc said on Friday it would be bought by hedge fund Elliott Manag...
- Barnes & Noble Inc said on Friday it would be bought by hedge fund Elliott Management Corp for $475.8 million, marking the end of the once-dominant U.S. book retailer as a public company after years of falling sales.
Listed on the New York Stock Exchange since 1993, Barnes & Noble has struggled to grow its business since the arrival of Amazon.com Inc turned the book sales market on its head. Barnes & Noble has been exploring options for a buyout since at least last October, with multiple parties showing interest including founder-chairman Leonard Riggio.
In 2014, Barnes & Noble closed its New York Fifth Avenue store - once the world’s largest bookstore - and has faced declining sales for at least the last three years. As of this January, it ran 627 retail stores.
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