The founder and current chairman of the board of Barnes & Noble has announced that he wants to buy the retail side of the largest brick and mortar bookseller in the United States.
Leonard Riggio, who started building the chain in 1971 after acquiring an existing book store in New York, filed the necessary regulatory papers with the SEC on Monday morning.
The filing stated that he plans to buy the retail business of Barnes & Noble, including the brick and mortar stores and the company website.
Riggio is already the largest individual shareholder in the company. His proposal does not include the separate subsidiary unit that produces the company's Nook e-reader, or the chain of college textbook stores the company runs.
Any such deal still awaits approval by the SEC, which is likely. Financial terms of a proposed arrangement have not been disclosed, but the company's decision on the matter will be made by a committee.