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Old 08-27-2013, 07:22 PM   #1
GA Russell
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B&N Retail CEO sells stock

Forgive me if there is already a thread on this, but I haven't found it.

The chief executive of Barnes & Noble's retail division, Mitchell Klipper, has in the past few days sold two-thirds of his shares, raising $5.5 million.

http://www.reuters.com/article/2013/...97Q01D20130827

Related: B&N reports $87m loss for Q1 2014, NOOK business plunges 20%

(image: Mike Kalasnik / Flickr)

Last edited by Alexander Turcic; 08-27-2013 at 07:41 PM. Reason: moved to frontpage
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Old 08-27-2013, 08:22 PM   #2
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So the Captain has chosen not to go down with his ship...
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Old 08-27-2013, 08:55 PM   #3
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That's not good
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Old 08-27-2013, 09:18 PM   #4
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Sad. i am gonna miss the big book stores. I have a barnes and noble less than 2 miles from me and just went there today. Going to frequent it a little more before they go under. After they are gone its an end of an era.
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Old 08-27-2013, 10:19 PM   #5
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So the Captain has chosen not to go down with his ship...
If it really is as bad as that, he shouldn't have any stock, because then he would be desperately trying to avoid a Chapter 11 bankruptcy (bankruptcy that allows the business to keep operating -- think Delta Air Lines) rather than looking objectively as to what would be best for the future of the employees and communities B&N serves.

You may well have this pegged correctly.

Last edited by SteveEisenberg; 08-27-2013 at 10:30 PM.
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Old 08-27-2013, 10:46 PM   #6
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I notice that some of the comments following the article mention that the activist investor whose fund owned 15% of JC Penney sold his entire stake the other day, taking a $600 million loss.

The comments wonder if these big shots in retailing know something we don't know.
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Old 08-28-2013, 08:41 AM   #7
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Quote:
Originally Posted by GA Russell View Post
I notice that some of the comments following the article mention that the activist investor whose fund owned 15% of JC Penney sold his entire stake the other day, taking a $600 million loss.

The comments wonder if these big shots in retailing know something we don't know.
That guy was fired from JC Pennys (which is also in trouble, but has nothing to do with B&N).

Soon, the buy from B&N will say he's just diversifying. It's like when the CEO gets fired. It's not because of the stock or the performance of the stores it's because he wants to spend more time with his family.

I hope that parts of it can stay in business. Amazon needs the competition, they really do.
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Old 08-28-2013, 11:49 AM   #8
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I read somewhere relatively recently (can't remember where) that their textbook subsidiary is doing very well, but I don't think that helps the regular store or ereader subsidiaries.

I hope the regular retail parts don't completely go away. B&N is my source for several magazines and I love their semiannual 50% off Criterion DVD sales. Plus, I just enjoy going to bookstores.
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Old 08-28-2013, 10:53 PM   #9
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That guy was fired from JC Pennys (which is also in trouble, but has nothing to do with B&N).
BMB, you don't really believe that investors are fired, do you?

I was referring to Penney's largest shareholder, William Ackman.
http://www.reuters.com/article/2013/...97P0TA20130827

The comments following the article linked to in the original post wonder if there is indeed more than coincidence in large shareholders of two retailers getting out, your assurances that they have nothing to do with each other notwithstanding.
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Old 08-29-2013, 12:18 AM   #10
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No idea what is behind this particular decision to sell stock, but in general bookstore retail doesn't seem to be doing too well: http://finance.yahoo.com/news/books-...200000935.html

Books-a-million saw a decline in sales.
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Old 08-29-2013, 08:38 AM   #11
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Quote:
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BMB, you don't really believe that investors are fired, do you?

I was referring to Penney's largest shareholder, William Ackman.
http://www.reuters.com/article/2013/...97P0TA20130827

The comments following the article linked to in the original post wonder if there is indeed more than coincidence in large shareholders of two retailers getting out, your assurances that they have nothing to do with each other notwithstanding.

Sorry, I was confusing him with the CEO, Johnson. I wasn't paying attention to the names and Ackman was more than just an investor:

Quote:
...Ackman has been calling the shots at Penney throughout, bringing in Ron Johnson as CEO, green lighting an...
So I guess he fired himself. Or fired his investments himself. He was told to go away by the board and I guess he decided to take his money and go play somewhere else.

My point (not that I came close to making one) is that Penny's has been in trouble for a lot of reasons that has nothing to do with normal retail operations. I've been in that story in the last 5 years and ever since Penny's decided they didn't have to have sales, the place was EMPTY. Everything was overpriced. The ghosts had even left when I went there with Mom because she insisted they would have what she wanted. They did--at 40 dollars more than she was willing to even consider. I was in there about a month ago and there were more people, but not a lot. They ran everyone off with their "no sales" campaign and they weren't starting from a popular retailing position then.

In other words, they were doing poorly before any other retailers and they still are.

B&N has also been struggling, some of it their own making, some of it the sheer convenience and selection at Amazon.

I do think that right now retail is struggling across the board. People have their wallets closed.
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Old 08-30-2013, 01:06 AM   #12
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I understand the "dollar store" chains are doing booming business.
Tells you who is spending and how.
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Old 08-30-2013, 08:26 AM   #13
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I understand the "dollar store" chains are doing booming business.
Tells you who is spending and how.
Funny. I went in the other day (I really hate those stores. They are messy, the prices aren't that good and the quality is terrible) because a friend told me I could get some soap bottles there. I make my own liquid soap sometimes and need bottles. The store was quite empty. I think there were two other people in there. Can't say if that is normal or not, but the restaurants nearby were packed. Maybe they get the after lunch crowd?
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Old 08-30-2013, 08:47 AM   #14
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I always liked B&N a lot; I sure hope their brick-and-mortar stores don't go away.
I also like analog books a lot. I hope the ebook market has the effect that paper books become much better bound, more attention paid to making them artistic and high quality- after all, that's pretty much the only advantage of an analog book over a digital book.
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Old 08-30-2013, 09:13 AM   #15
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I understand the "dollar store" chains are doing booming business.
Tells you who is spending and how.
Low-income economy. The middle-class are making progressively less money in real-terms and I doubt that it's going to get better.
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