Barnes & Noble's retail head sells shares

Mon Aug 26, 2013 9:08pm EDT

Customers enter a Barnes and Noble store in New York June 25, 2013. REUTERS/Brendan McDermid

Customers enter a Barnes and Noble store in New York June 25, 2013.

Credit: Reuters/Brendan McDermid

(Reuters) - Barnes & Noble Inc's (BKS.N) retail group head Mitchell Klipper sold about two-thirds of his shares in the beleaguered retailer in the past few days, according to a filing with the Securities and Exchange Commission.

Klipper, 55, who has been the chief executive of Barnes & Noble's retail group since March 2010, sold about 400,996 shares at prices ranging from $13.99 to $14.53, raising more than $5.5 million, the filing showed. (link.reuters.com/fam62v)

As of the company's recent proxy filing dated July 29, Klipper owned 622,000 shares. He is the second-highest paid executive of the company and owns about 1 percent of its outstanding shares.

The disclosure comes a week after the largest U.S. bookstore chain's founder and top shareholder, Leonard Riggio, suspended plans to make an offer for the retail business.

(Reporting by Avik Das in Bangalore; Editing by Stephen Coates)

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Comments (13)
labarum wrote:
What goes around, comes around. Large bookstores like Borders and B&N drove many long established local booksellers out of business. Now Amazon has done the same to them. B&N tried to compete with their own internet service and e-reader but they likely failed for three reasons: 1) they were still saddled with “brick and mortar” superstores to finance; 2) they waited too long to enter the e-reader market; and 3) they saddled the Nook with all sorts of proprietary restrictions that did not allow it to take full advantage of the Android OS.

The Nook was as good an e-reader as was out there but when you place barriers for most customers, the product sales suffer.

Aug 27, 2013 10:53am EDT  --  Report as abuse
forgot0246 wrote:
I’m glad the economy is doing so well.

Aug 27, 2013 11:43am EDT  --  Report as abuse
forgot0246 wrote:
I’m glad the economy is doing so well.

Aug 27, 2013 11:43am EDT  --  Report as abuse
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