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.