Barnes & Noble shares rose 20% Thursday after the bookseller launched a strategic review, the result of which could lead to the sale of the company.

The New York-based retailer said it would begin an official review after receiving "multi-party interest protests" regarding its company purchase offer. The executive chairman and founder of the company, Leonard Riggio, is among the potential buyers, announced Wednesday the company.

A special committee made up of independent members of the board of directors has been appointed, but it can "not be assured that a transaction will be completed," the company said.

Riggio, which founded Barnes & Noble in 1986 and owns about 15% of its stock, will support any transaction recommended by the committee, the company said. The Riggio non-profit foundation holds 4.3% of the company's shares.

Barnes & Noble (BKS) rose 20% to $ 6.53 in early trading on Thursday.

More: Barnes & Noble downsized after the sad holiday season

More: Barnes & Noble dismissed CEO of Demos Parneros for "corporate policy violations"

Barnes & Noble had a hard time competing with traditional retailers such as Walmart and the online giant Amazon. Last July, activist investor Sandell Asset Management urged the company to sell itself as a way to turn the channel, which fired employees after a dismal holiday season.

The company lost $ 17 million in the quarter ending July 31, an increase of 70% from its loss of $ 10.8 million in the same period last year. Sales fell nearly 7% to $ 795 million.

In July, Barnes & Noble fired CEO Demos Parneros for unreported violation of company policies. Parneros sued the company for dismissal.

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