Riggio suspends plan to make offer for Barnes & Noble stores
Barnes & Noble on Tuesday reported a deeper quarterly loss as sales of its Nook device and e-books continued to plunge and as business at its bookstores declined, and its founder pulled the plug on his plan to buy its stores.
Leonard Riggio, the company's chairman and top shareholder, said that he has suspended his efforts to make an offer for Barnes & Noble's retail business yet reserves the right to pursue an offer in the future, saying he believes "it is in the company's best interests to focus on the business at hand."
"Right now our priority should be to serve the more than 10 million customers who own Nook devices, to concentrate on building our retail business, and to accelerate the sale of Nook products in our stores, and in the marketplace," Riggio said in a statement filed with the U.S. Securities and Exchange Commission.
The largest U.S. bookstore chain reported a net loss of $87 million, or $1.56 per share, for the fiscal first quarter ended July 27, compared with a loss of $39.8 million, or 76 cents per share, a year earlier.