Barnes and Noble’s Founder No Longer Wants to Bail the Company Out

Barnes & NobleBack in February, Barnes & Noble founder Leonard Riggio said he wanted to buy the retail stores from the struggling bookseller. Now he’s out. His explanation, via an SEC filing: “While I reserve the right to pursue an offer in the future, I believe it is in the company’s best interests to focus on the business at hand. Right now our priority should be to serve the more than 10 million customers who own NOOK devices, to concentrate on building our Retail business, and to accelerate the sale of NOOK products in our stores, and in the marketplace.” So, what does Barnes & Noble’s business at hand look like? On the one hand, the company reported quarterly results this morning that weren’t quite as bad as Wall Street feared: It only lost 86 cents per share, on revenue of $1.33 billion, versus the 89 cents and $1.32 billion consensus.

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