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Barnes & Noble's "founder"* Leonard Riggio has conceded that his plans to rescue the firm have been iced. Thanks to those same SEC regulations that tipped us to his intentions, the company's majority shareholder has admitted that he won't attempt his ambitious rescue of the ailing retailer. In a statement, Riggio urges B&N to push the Nook tablet, serve its 10 million-strong customer base and build out the company's struggling retail business. At the same time, Barnes & Noble let slip that at least one new Nook device will arrive before the holiday season, presumably the first that'll be produced by a third party -- but let's be honest, it's not looking good.
*He founded the book chain that would buy the Barnes & Noble name, pedantry fans.
Filed under: Tablets
Via: AllThingsD
Source: SEC, Barnes & Noble
Just 12 hours after (already denied) rumors circulated that Barnes & Noble may ditch its Nook business, the company has had to make an announcement concerning its retail division. Thanks to SEC regulations, the company has had to 'fess up that majority shareholder and "founder*" Leonard Riggio is pondering buying the brick-and-mortar retail business -- presumably hiving off the Nook brand as a separate entity. Of course, this could easily just be the rattling of sabers by a disgruntled founder (and not for the first time of late), or we might see the bookseller cleft in two parts in the near future. Either way, we'll be watching with great interest.
* He founded the book chain that would buy the Barnes & Noble name.