B&N Hires Pricy Consultants to "Advise" on "Selling the Company"
Barnes & Noble continued its scheme to convince everyone that it had serious buyers today. This morning they announced they had hired expensive consultants.
Barnes & Noble today announced that its previously-announced Special Committee of the Board of Directors assigned to evaluate strategic alternatives for the Company has selected Evercore as its financial advisor and Baker Botts L.L.P. as its legal advisor.
The formation of a Special Committee was announced on October 3, after the Company disclosed expressions of interests from multiple parties, including its Chairman Leonard Riggio.
All expressions of interest or inquiries are being directed to Anthony Magro and John Kimm of Evercore.
I do not know what game B&N is playing at here, but I seriously doubt that they have real offers to sell the company. If they did then they would have accepted one by now.
I also can’t imagine who would want to buy this failing retailer. Remember, there was an offer to buy B&N back when Parneros was CEO. That deal fell through after the buyer got a look at Barnes & Noble’s books. (Parneros alleges this failed deal is why he got fired).
Just about the only potential buyer at this point would be vulture funds who want to sell B&N off for parts, and I don’t see the B&N board taking that deal.