If I remember correctly Burkle is more interested in the storefronts and warehouses than the Textbook or online businesses. The elements are (theoretically) in place for a spinoff of a Riggle-run Nook, Inc ebooks and textbook business and a Burkle-run liquidation of the B&N stores.
Of course, there remains the matter of who gets stuck with the corporate debt...
Its not exactly fiddling while Rome burns but it's pretty close.