New York – Barnes & Noble (NYSE: BKS), the national books and media
retail store chain, announced on Tuesday that it plans to explore strategic
alternatives, including a possible sale of the company. The company said the
move is a bid to increase stockholder value at a time when it believes its
shares are "significantly undervalued."
A statement notes the company’s
board is "confident in Barnes & Noble’s strategy and fully supportive
of the senior management team, which is delivering explosive growth in our
fast-developing digital business. The Board has concluded that a review of
strategic alternatives is the appropriate next step to take full advantage of
our compelling digital opportunities and to create value for shareholders,
customers, and employees."
Leonard Riggio, the company’s founder and
largest stockholder, added that he intends to consider participating in an
investor group to acquire the company.