BKS: Barnes & Noble Chairman Sells 3.7M Shares

by Christopher Freeburn | April 17, 2014 11:20 am

Shares of Barnes & Noble (BKS[1]) slumped more than 8% in Thursday trading on news that its Chairman and founder had sold a large number of BKS shares[2].

Barnes & Noble BKS[3]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[4]) 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[5].

Barnes & Noble has struggled to compete with online retailers like Amazon (AMZN[6]). Its once-promising Nook tablet has been regulated to a niche product, with sales plunging over the holidays[7].

BKS stock closed at $18.60 on Wednesday.

More Stocks in the News:

Endnotes:

  1. BKS: http://studio-5.financialcontent.com/investplace/quote?Symbol=BKS
  2. had sold a large number of BKS shares: http://www.businessweek.com/news/2014-04-17/barnes-and-noble-declines-after-chairman-sells-3-dot-7-million-shares
  3. [Image]: https://investorplace.com/wp-content/uploads/2012/05/BarnesNoble185.jpg
  4. LMCA: http://studio-5.financialcontent.com/investplace/quote?Symbol=LCMA
  5. retaining only a fraction of its 2011 investment in BKS: https://investorplace.com/2014/04/liberty-media-cuts-barnes-noble-stake-bks-falls/#.U0_ub15hOf1
  6. AMZN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMZN
  7. with sales plunging over the holidays: https://investorplace.com/2014/01/barnes-noble-nook-bks-aapl-amzn-kindle/#.U0_umF5hOf0
  8. IBM Stock Falls on Disappointing Earnings, Hardware Sales: https://investorplace.com/2014/04/ibm-stock-falls-disappointing-earnings-hardware-sales/#.U0_wJF5hOf0
  9. AXP: American Express Stock Slips Despite Earnings Beat: https://investorplace.com/2014/04/axp-american-express-stock-slips-despite-earnings-beat/#.U0_qO15hOf1
  10. Check Out the Attractive Bounce in PNC Stock: https://investorplace.com/2014/04/pnc-stock-financials/#.U0_kCF5hOf0

Source URL: https://investorplace.com/2014/04/bks-barnes-noble-chairman-sells-3-7m-shares/

Copyright ©2024 InvestorPlace unless otherwise noted.