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Thursday, August 5, 2010

Biggest Book Chain Up for Sale!

Biggest U.S. Book Chain Up for Sale
Published: August 3, 2010

In what might be the latest sign of trouble for brick-and-mortar bookstores, the mega-chain Barnes & Noble announced on Tuesday that its board was putting the company up for sale.

Gene J. Puskar/Associated Press
Barnes & Noble has tried to compete with Amazon and Apple in the e-reader market by opening its own e-bookstore last summer, and by introducing its own device, the Nook.

Lily Bowers/Reuters
A Barnes & Noble in New York City. The 720-store chain has been pressured by online retailers, e-book sales and shareholders.
The news surprised analysts and alarmed publishers, who have watched as the book business has increasingly shifted to online retailers and e-book sales, leaving both chains and independent sellers struggling.

Barnes & Noble, the country’s largest book chain with 720 stores, said that its board believed the stock was “significantly undervalued” and that it had set up a special committee to review its options.

“Barnes & Noble has an iconic brand and unique competitive advantages we believe will position the company to succeed over time in a rapidly changing market,” the board said in a statement. “The board is confident in Barnes & Noble’s strategy and fully supportive of the senior management team, which is delivering explosive growth in our fast-developing digital business.”...more

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