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Monday, February 25, 2013

Barnes & Noble chairman wants to take back superstores he founded, (NYSE: BKS)

Barnes & Noble Inc Chairman Leonard Riggio, joining a growing list of executives lining up to purchase the fading companies they founded, offered to buy the bookseller's declining retail business, leaving it to focus on its more promising Nook e-reader and college bookstores.Barnes & Noble's shares rose as much as 11 percent to $15.00 in morning trading, valuing it at about $900 million.The New York-based company's retail business has struggled in recent years as book buyers switched to digital formats, underscored by a 10.9 percent fall in sales at its bookstores and website in the critical year-end holiday period.The bookseller, which saw a short-lived rise in sales after the September 2011 liquidation of rival Borders Group, has said it expects to shut down as many as a third of its retail stores over the next decade.

Barnes & Noble, Inc. (Barnes & Noble) is a bookseller. Shares of BKS traded higher by 8.81% or $1.19/share to $14.70. In the past year, the shares have traded as low as $10.45 and as high as $26.00. On average, 1469490 shares of BKS exchange hands on a given day and today's volume is recorded at 3197789.