B&N Stock Price Drops After Chair Riggio Reduces His Stake

Barnes & barnes noble logoNoble chairperson Leonard Riggio scaled back his stake in the company to 20% today by selling shares.

According to Barnes & Noble, the sale of shares is part of Riggio’s long-term financial and estate planning. He has no plans tp sell more shares this year. In a statement, Riggio said, "after this sale I remain the company’s largest shareholder, a position I feel very good about. I love this company and I believe in its future as I do in all of the wonderful people who work here."

The deal is expected to be worth around $64 million, and it is his second major sell off in the past 6 months. In December Riggio sold around 2 million shares, reducing his stake in Barnes in Noble to around 26%. Another investor, Liberty Media sold off most of its shares in the bookseller earlier this month.

Riggio had previously built up ownership of 30% of B&N and control of a total of 37% of the company early last year as part of his plans to split B&N and take the retail stores private. His plans fell through or were canceled right about the time that Bill Lynch left the company, with Riggio taking charge in his role as chairperson.

The stock price slipped about a dollar on the news, and was trading at $16.50 when this post was published.


About Nate Hoffelder (11468 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader: "I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

1 Comment on B&N Stock Price Drops After Chair Riggio Reduces His Stake

  1. At his age, it probably makes sense.

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