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Barnes & Noble wants to explore his options.
The troubled US book chain has announced "a formal review process to evaluate strategic alternatives", including, it seems, a possible sell. According to a press release today (October 3), "this decision follows expressions of interest shown by many parties to make an offer to acquire the company, including from the chairman of the board from the company, Leonard Riggio. "
In its annual report released today, the company said that store sales during its fiscal year had decreased by 5.4% over the previous year. Total sales have been steadily declining since 2014:
As a bookseller, B & N has struggled to keep up with Amazon's speed and ubiquity, and to attract people to stores like small local brands. It has also suffered from the decline of American shopping centers. In the last call for results, Riggio, founder and president of B & N, said the company had yet to determine new sizes and new stores, and that its recent restaurant business had not been successful.
B & N's leadership was also keen; The company brutally dismissed general manager Demos Parneros after less than 15 months of work. In August, Parneros sued B & N for unfair dismissal, publicly attacking Riggio.
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