Barnes & Noble is adding Flashnotes.com to its college bookstore business ahead of a spin off of the unit coming later this year. Bloomberg's Matt Townsend reports on "In The Loop."
Barnes & Noble has unveiled plans to raise up to $775 million in a spinoff of the company's college bookstore assets in a move that will create a separate, publicly traded company. The plan will separate Barnes & Noble Education from the legacy Barnes & Noble retail and Nook digital businesses. Barnes & Noble last summer had disclosed plans to spin off the Nook Media business, though that business will still be owned by the parent company after the college business spin off. Barnes & Noble has faced challenges in both the physical and digital worlds.
Barnes & Noble CEO William Lynch has resigned. His resignation is effective immediately. Michael Huseby will now be the CEO of NOOK Media and president of Barnes & Noble. Allen Lindstrom has been promoted and will serve as the company's new CFO.
Christmas is still more than three months away, but the game is already on in the toy aisle with both Wal-Mart and Toys"R"Us publishing some of their holiday toy lists Wednesday. Winning the game for Toys"R"Us isn't just about picking the hit product, it's also about proving there's viable room for it to exist and win as a specialty toy retailer, as other specialty chains from Best Buy to Barnes & Noble also guard their respective foothold against rivals from Wal-Mart to Amazon.com.
Barnes & Noble on Wednesday disclosed plans to split its retail and Nook units into two separate public companies, as the bookseller looks to breathe new life into its e-reader business. Barnes & Noble said it will begin to take steps to complete the separation by the end of the first quarter of
Barnes & Noble is turning to its college roots to boost its top line. The U.S. bookseller, which opened in 1965 as a university bookstore in New York, wants a much bigger presence on college campuses, where students last year spent an average of $1,200 on textbooks and supplies, according to the College Board. Barnes & Noble, now the second largest operator of college bookstores with 696 shops, plans to have about 1,000 locations within five years, Max Roberts, chief executive of the company's college business, said in an exclusive interview at Rutgers University's bookstore.