Shares of Barnes & Noble (BKS) slumped more than 8% in Thursday trading on news that its Chairman and founder had sold a large number of BKS shares.
BKS stock fell after Barnes & Noble Chairman Leonard Riggio issued a statement indicating that he had sold 3.7 million BKS shares. Riggio noted that the Barnes & Noble stock sale had been planned in advance under his personal financial planning strategy. He said that he does not plan any additional Barnes & Noble shares sales in 2014, Bloomberg noted.
With the latest sale, Riggio — who is the troubled book retailer’s largest shareholder — now owns about 20% of outstanding Barnes & Noble common shares. “I love this company and I believe in its future,” Riggio said.
Earlier this month, Liberty Media Corp. (LMCA) said it would sell most of its 17% stake in Barnes & Noble shares to institutional investors, retaining only a fraction of its 2011 investment in BKS.
Barnes & Noble has struggled to compete with online retailers like Amazon (AMZN). Its once-promising Nook tablet has been regulated to a niche product, with sales plunging over the holidays.
BKS stock closed at $18.60 on Wednesday.
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