Barnes & Noble is being acquired by a hedge fund for $476 million and will be taken private.
FILE - This Aug. 31, 2017 file photo, shows a Barnes and Noble Booksellers store in Pittsburgh. The beleaguered bookseller is being sold to Elliott Management Corp. in a $476 million deal. Elliott will pay $6.50 per share. That’s an approximately 9% percent premium to the company’s Thursday closing price of $5.96. The transaction is valued at about $683 million, including debt. The national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.
The man who runs that U.K. chain, who will become CEO of Barnes & Noble, said that is what he has in mind for Barnes & Noble. But Amazon.com, which began as an online market place for books, was relentless and its Kindle e-reader is dominant today. The company has cut into sales of both Barnes & Noble and independent book sellers alike.Teicher heads the American Booksellers Association, the group representing independent book shops, and a bitter rival of Barnes & Noble.
His main goal is to have each Barnes & Noble store be more tailored to the local market, rather than operate as a massive homogenous chain. Waterstones organizes multiple, simultaneous events at its stores, making them “a “fun place to discover books and enjoy the particularities of a bookstore.” After that remains a long road to recovery, if that’s even possible. Some industry watchers are skeptical, including Mike Shatzkin, the CEO of Idea Logical Company, a book-industry consulting company.
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