Barnes & Noble chair makes bid

City A.M. Reporter
BARNES & Noble chairman Leonard Riggio yesterday offered to buy the US bookseller’s declining retail business, joining a growing list of executives lining up to buy the fading companies they founded.

Barnes & Noble’s shares rose as much as 11 per cent in morning trading, valuing it at about $900m.

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 per cent fall in sales at its bookstores and website in the critical holiday period.