Barnes & Noble reported an $US87 million loss for last quarter.
The stock is tanking, down about 12%.
In the earnings announcement, the company’s chairman and biggest shareholder Leonard Riggio said he’ll no longer be making an offer to buy Barnes & Noble’s retail business. The original plan was for Riggio to buy the retail business and keep the Nook tablet and e-reader business separate.
Meanwhile, things don’t look good for the Nook business. Revenues for that segment were $US153 million last quarter, down 20% from the same quarter a year ago. Barnes & Noble hasn’t introduced a new Nook reader this summer as it has the past few summers, but it did drop the price of the backlit model to $US99.