Reuters: Technology News: Barnes & Noble loss widens, Riggio halts store purchase plan

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Barnes & Noble loss widens, Riggio halts store purchase plan Aug 20th 2013, 13:12 Tweet Share this Email Print Related News Riggio suspends plan to make offer for Barnes & Noble stores 8:43am EDT Penney sales stumble but back-to-school starting well 8:26am EDT Saks reports weak second-quarter sales, deeper loss Mon, Aug 19 2013 Analysis & Opinion Business judgment rule OK'd in another controlling shareholder deal People walk past the Barnes and Noble bookstore on the corner of Warren and Greenwich street in New York June 29, 2010. Credit: Reuters/Lily Bowers Tue Aug 20, 2013 8:48am EDT (Reuters) - Barnes & Noble Inc on Tuesday reported a deeper quarterly loss as sales of its Nook device and e-books continued to plunge and as business at its bookstores declined, and its founder pulled the plug on his plan to buy its stores. Leonard Riggio, the company's chairman and top shareholder, said that he has suspended his efforts to make an offer for Barnes & Noble's retail business yet reserves the right to pursue an offer in the future, saying he believes "it is in the company's best interests to focus on the business at hand." The largest U.S. bookstore chain reported a net loss of $87 million, or $1.56 per share, for the fiscal first quarter ended July 27, compared with a loss of $39.8 million, or 76 cents per share, a year earlier. (Reporting by Phil Wahba in New York; Editing by Gerald E. McCormick) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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