Company plunges deeper into losses amid slumping sales of its Nook e-reader device with shares falling 14% this quarterBarnes & Noble Inc’s founder pulled the plug on his plan to buy the company’s bookstores as the chain posted a deeper quarterly loss amid plunging sales of its Nook device and e-books and declining business at its stores.Shares of the largest US bookstore chain fell 14% to $14.35 in premarket trading on Tuesday, even as the quarterly results came in slightly ahead of Wall Street expectations.Leonard Riggio, the company’s chairman, founder and top shareholder, said he has suspended his efforts to make an offer for B&N’s retail business but reserves the right to pursue an offer in the future.Riggio, in a statement, said he believes “it is in the company’s best interests to focus on the business at hand”.The latest quarter was a tumultuous one for B&N. CEO William Lynch resigned on 8 July, soon after the company announced a 34% revenue drop in its Nook digital business, a venture he spearheaded that has cost the company hundreds of millions of dollars.B&N said in June it would no longer make tablets unless it found a partner. It began shopping the Nook …read more

Via: The Guardian | Books