Barnes & Noble Chairman Len Riggio grilled by shareholders, answers some questions, evades others:
- New B&N.com pbook storefront due April 2014
- They're considering options...
- Decision not to buy the storefronts is a "private" decision
About selling Nook:
Quote:
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After more questions along the line of “how long before a decision and how much loss is too much,” from shareholders, an affable Gregory Maffei, CEO of Liberty Media, a major shareholder that owns about 17% of B&N, took the stage. “Look, no one is happy with Nook, we know we need a new e-reader strategy but it’s not easy when you look at [the competitors] we’re up against.” Maffei said, “It’s not like Liberty Media is against split-offs but it would be difficult to do at this time.”
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Source:
Publishers Weekly
Translation: you can't sell if no one is buying.
Odd to see the shareholder fixation on dividends: the company is (maybe) six months from Chapter 11 and they want to drain cash from it?
Related: B&N reports $87m loss for Q1 2014, NOOK business plunges 20%
(image: Mike Kalasnik / Flickr)