Reuters reports that Leonard Riggio, the man who founded big-box bookseller Barnes & Noble, might want to buy the bricks-and-mortar division of the business. Riggio already owns 30 percent of the company. Barnes & Noble executives said they created a committee of three independent directors to evaluate Riggio's proposal.
According to Reuters:
The purchase price for the retail assets is expected to comprise mainly cash and include the assumption of certain debt, Riggio, said in a regulatory filing on Monday.
Riggio, who pioneered the book superstore format in the 1980s and 1990s, said he would provide the equity financing and arrange any debt financing for the deal.