Barnes & Noble stock is finally up!
Here’s what it took… it took the company’s board announcing that they would consider selling the bookstore. In fact, the board just appointed a special committee to review offers. Shares of Barnes & Noble were up 20% on the announcement.
This sale proves to be… the latest twist in the long-running bookstore’s tumultuous recent memory. The company is currently looking for a new CEO which marks the fifth one in five years. And if you recall, the latest former CEO is suing his former employer in federal court for defamation and firing without cause. Good times…
As for now… Barnes & Noble still has over 600 stores and 23,000 employees; but sales for the company have been declining for four straight years. Additionally, attempts to win back shoppers have been falling flat, to put it mildly. And to complicate things further, local and independent bookstores (not large chains) are all the rage these days. Yeah, we think it’s time to sell.