Barnes & Noble hangs up “for sale” sign

Barnes & Noble is hoping for a storybook ending. The ailing bookseller said Wednesday that it’s exploring strategic alternatives, including a possible sale of the company. 

One possible buyer: Barnes & Noble founder and Chairman Leonard Riggio, the company said in a news release, while noting that “multiple parties” had expressed interest in bidding for the company. 

Barnes & Noble, which is publicly listed, is the nation’s largest retail book vendor, operating 629 stores across the U.S. It also operates Nook, a digital bookstore, as well as the website barnesandnoble.com.

The company’s board has set up a committee of independent directors to oversee the strategic review. Riggio has pledged to back any transaction the panel recommends. 

Barnes & Noble shares, which before news of the possible sale had fallen more than 18 percent on the year, jumped 21 percent in Wednesday’s after-hours trading to $6.64. In announcing that it’s weighing a possible sale, the company noted that an unknown investor has been rapidly acquiring its stock. 

In September, Barnes & Noble reported quarterly revenue of $795 million, down nearly 7 percent from a year ago, as store sales continued to sink. It lost $17 million for the period. 

Annual revenue, which topped $7 billion in 2012, have since fallen to $3.7 billion amid ferocious competition from Amazon and other e-commerce companies.