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B&N is, indeed, looking for a suitable non-US partner to expand its Nook business. It's possible spinning off Nook as a separate company would help that.
The US market is pretty big as it is: B&N could thrive nicely as a US-only player if they can drive costs out of their retail business. What you don't here B&N management ever talk about is what they are doing to gracefully downsize the bricks and mortar business. In real terms, in real time: renegotiating leases to smaller floor area would be a start; looking for expansion opportunities as mini-mart type locations; finding their voice vs. Books-a-Million and other regional players.
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