Barnes & Noble shares rise on sale push

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

NEW YORK — An ac­tivist in­vestor has bought a “mean­ing­ful” stake in Barnes & Noble Inc. and is urg­ing the book­seller to sell it­self.

San­dell As­set Man­age­ment Corp. Chief Ex­ec­u­tive Of­fi­cer Thomas San­dell, in a let­ter to Barnes & Noble’s board, said “the public mar­ket for re­tail stocks is con­tribut­ing to a risky and in­hos­pitable en­vi­ron­ment” and ar­gued the com­pany would be bet­ter served if it were pri­vate or part of a larger com­pany.

San­dell did not dis­close the amount of his com­pany’s stake.

Shares of Barnes & Noble jumped $1.20, or 16.9 per­cent, to close Tues­day at $8.30.

In the let­ter to board, San­dell said the com­pany is the only “truly na­tional book­store chain” and com­pared its lo­ca­tions to “beach­front prop­erty.” He said the com­pany could get more than $12 per share.

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