Beleaguered bookseller Barnes & Noble Inc. has a buyer. Elliott Management Corp. agreed to purchase the chain for $6.50 per share in an all-cash transaction valued about $476 million, plus the assumption of debt, the company said in a statement Friday. Barnes & Noble shares rose as much as 11 percent to $6.61 on Friday. They had surged 30 percent on Thursday on news that Elliott was close to a deal. Elliott, run by the billionaire Paul Singer, has experience in the book business. It acquired Waterstones, a U.K. book retailer, last year. James Daunt, chief executive officer of Waterstones, will also become CEO of Barnes & Noble. Elliott will keep the chains operating independently but the brands will “share a common CEO and benefit from the sharing of best practice between the companies.” Including debt, the deal is valued at $683 million, according to the companies. It’ll be funded by a $700 million asset-based revolving credit facility from Wells Fargo Bank and Bank of America, as well as a $125 million first-in, last-out credit facility backed by a Carlyle Group credit unit, a Pathlight Capital fund and Wells Fargo, according to regulatory filings. The deal also includes a $30 million breakup fee, the filings show. Barnes & Noble, with more than 600 stores, has tried strategies such as offering food and coffee and selling non-book merchandise, but has failed to stem the onslaught of Amazon.com Inc. Along the way, it’s weathered self-inflicted... Continue reading at 'Advertising Age'
[ Advertising Age | 2019-06-07 16:16:58 UTC ]
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Customers have reported days of disruption to the Nook e-reader service, as well as other systems that the company said have since been restored. After users reported issues with Nook e-reader book access for days, with Barnes & Noble saying Monday that a “system failure” was interrupting... Continue reading at Fast Company
[ Fast Company | 2020-10-14 17:46:15 UTC ]
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Barnes & Noble chief executive and Waterstones m.d. James Daunt has said the two-and-a-half month lockdown in the US was "hugely traumatic" and a "body blow" to employees, but that B&N had used the period to bring much needed changes the US chain's estate. Continue reading at The Bookseller
[ The Bookseller | 2020-09-13 18:36:08 UTC ]
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The Barnes and Noble bookstore at 601 E. Pratt St. at Baltimore's Inner Harbor will close Saturday, according to a sign posted at the location. Continue reading at Baltimore Sun
[ Baltimore Sun | 2020-08-25 17:48:42 UTC ]
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After the shutdown, layoffs, and a major redesign, the bookseller is reopening its stores in an uncertain book market. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-07-17 04:00:00 UTC ]
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Retail locations shuttered during lockdowns, so the company spruced up hundreds of its stores as the first step in a bigger plan. Continue reading at The New York Times
[ The New York Times | 2020-07-09 19:32:11 UTC ]
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In Bennett’s second novel, the life choices of twin sisters echo across generations. Continue reading at The Washington Post
[ The Washington Post | 2020-06-01 09:11:24 UTC ]
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Barnes & Noble has now temporarily closed more than 500 stores and furloughed "a large number" of employees across all departments at its company headquarters. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-04-02 04:00:00 UTC ]
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Barnes & Noble has temporarily shut approximately 65% of its stores following the coronavirus outbreak in the US. Continue reading at The Bookseller
[ The Bookseller | 2020-03-26 09:54:48 UTC ]
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Barnes & Noble boss James Daunt has sent a letter to staff warning of potential lay offs if stores are closed due to the coronavirus. Continue reading at The Bookseller
[ The Bookseller | 2020-03-20 01:04:03 UTC ]
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The bookseller planned to promote classic novels with covers featuring people of color for Black History Month. Critics accused it of “literary blackface.” Continue reading at The New York Times
[ The New York Times | 2020-02-05 23:31:49 UTC ]
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From bestsellers to textbooks, stolen content is easily found on a 14-year-old hosting service operated by Microsoft’s social network. Mid-level writers are hurt the most. If you want to purchase a copy of The Institute, Stephen King’s latest novel about supernatural kids, you could find it at... Continue reading at Fast Company
[ Fast Company | 2020-01-15 13:00:52 UTC ]
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To win a $50 gift card to Barnes and Noble, just sign up for Daily Deals, our newsletter that rounds-up the ... Continue reading at Book Riot
[ Book Riot | 2020-01-02 11:31:55 UTC ]
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In the Dec. 23 print edition of the Book of Lists, you’ll find hundreds of CEOs, presidents and other top executives listed alongside the organizations they run. Even more business leaders are... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2019-12-23 17:08:10 UTC ]
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Seeing Barnes & Noble stores' character 'crushed' by the corporate 'opulence' of American business, James Daunt says the chain must 'rip out the boring.' The post James Daunt at FutureBook Live: Barnes & Noble’s ‘Crucifyingly Boring’ Stores appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2019-11-25 05:05:12 UTC ]
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After Elliott Advisors’ takeover of Barnes & Noble in August, the firm sought the man who turned Waterstones around to right its US acquisition. But what exactly is in James Daunt’s in-tray in New York? Continue reading at The Bookseller
[ The Bookseller | 2019-11-08 05:47:49 UTC ]
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If successful, the move for summary judgment would narrow the scope of any future trial, B&N attorneys say, and more importantly knock out a claim for which former CEO Demos Parneros is said to be seeking roughly $70 million in damages. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-10-22 04:00:00 UTC ]
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A quick update on the tumultuous recent history of Barnes and Noble, and where the bookstore chain might be headed under new ownership. Continue reading at Book Riot
[ Book Riot | 2019-08-27 10:33:29 UTC ]
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The US press has been assessing the likely impact of James Daunt as the Waterstones boss prepares to take over Barnes & Noble. Continue reading at The Bookseller
[ The Bookseller | 2019-08-08 12:59:50 UTC ]
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James Daunt fought Amazon and rescued the country’s biggest bookstore chain. Now comes Chapter 2. Continue reading at The New York Times
[ The New York Times | 2019-08-08 10:00:05 UTC ]
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Waterstones owner Elliott Advisors has completed its $683m (£537m) acquisition of US book giant Barnes & Noble following approval by the majority of shareholders. Continue reading at The Bookseller
[ The Bookseller | 2019-08-06 20:14:18 UTC ]
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