Barnes & Noble Inc (BKS.N) said it would spin off its college books unit and keep its Nook tablets and e-book business, instead of spinning off a combination of the two.
Barnes & Noble
Barnes & Noble Inc (BKS.N) struck a deal to buy Microsoft Corp's (MSFT.O) stake in Nook Media LLC, ending a two-year partnership and clearing the way for the bookseller to spin off its loss-making e-reader and digital content division.
Liberty Media announced selling a controlling stake in Barnes & Noble without disclosing the price and the potential bidders for the transaction, said a Reuters report.
Illinois, US-based book retailing giant Barnes & Noble confirmed that it eliminated jobs across the company, but denied eliminating their Nook hardware engineering division, contrary to a report from Business Insider.
The market has quieted a day before the US Thanksgiving, but retail stocks Barnes & Noble, Crocs, and Rite Aid are still making waves all over the world.
Mitchell Klipper, head of the retail group at Barnes & Noble, sells 400,996 shares, giving up more than half of his stake in the company.
The federal and state regulators proposed remedies for Apple Inc's e-book price-fixing.
According to analysts, the future of Barnes & Noble is bleak due to plunging sales and market shares including higher expenses than earnings.
William Lynch filed a surprise resignation last Monday that could result for Barnes & Noble to redirect its focus to retail selling of its books through outlets.
Chief Executive Officer for Barnes & Noble William Lynch resigned on Monday after failure to lead the US bookstore chain to compete against Amazon.com and Google Inc in the online market.
Subscribe to VCpost newsletter
Most Popular
- SSDI Payment April 2024: Who Will Receive Social Security Benefits Today?
- Tesla Spends $200,000 in Promoting Elon Musk's Social Media Platform X Following Mention of 'Minimal Advertising Efforts'
- Australian Farmer Prepares Grave of 3,000 Sheep After Failing to Find Buyer
- Where's My Child Tax Credit 2024: When to Receive My Money After April 15 Tax Filing Deadline?
- Brazilian Woman Wheels Her Dead Uncle Into the Bank to Withdraw Loan in His Name
- Elon Musk's SpaceX Working With Northrop Grumman on Secret Spy Satellite Project for US Intelligence: Report
- Michigan Family Sues Wendy's for $20 Million After 11-Year-Old Girl Suffered Deadly E.Coli Infection
- Innocent Female Uber Driver, 61, Shot Dead by 81-Year-Old Ohio Man Who Was Targeted by Scammers