Publicado: Sol, Junio 09, 2019
Financiera | Por Marilu Caballero

Barnes & Noble, with sales falling, is sold to hedge fund

Barnes & Noble, with sales falling, is sold to hedge fund

The one-time bookselling giant Barnes & Noble is being acquired by a hedge fund for $476 million. Daunt is expected to apply numerous same strategies that he used to help turn around Waterstone's around in recent years to Barnes & Noble, which now operates 627 stores nationwide.

It's being bought by private equity firm, Elliott Management, which owns one of the largest booksellers in the United Kingdom.

Once the towering Goliath of the bookselling world, these days Barnes & Noble is getting dwarfed by primarily online competitors - particularly Amazon, which reportedly sells almost 50 percent of all new books.

Elliott was careful to note that "each bookseller will operate independently" - but added that "they will share a common CEO and benefit from the sharing of best practice between the companies". Those possible buyers including founder Leonard Riggio who opened Barnes & Noble stores across the country and turned it into a superstore.

The exterior of a Barnes & Noble Booksellers store is seen in New York City on June 17, 2016.

Riggio acquired the flagship Barnes & Noble trade name in 1970s, almost a century after Charles Barnes started the business in his IL home. Riggio grew the business, adding several retail stores across the country and transforming the Fifth Avenue store in NY into the world's largest bookstore.

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To help turnaround the company's fortunes, Elliott is bringing in Chief Executive Officer of British bookshop chain Waterstones, James Daunt, to take the helm at Barnes & Noble.

But, which began as an online market place for books, was relentless and its Kindle e-reader is dominant today.

But Barnes & Noble has suffered. The company's annual sales have fallen for the past three years.

It now runs 627 retail store as of January this year.

Parneros, however, rejected the accusations.

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