Rochester, NY 8/11/2009 2:24:58 AM
BARNES & NOBLE BKS It's Back To College For the bookstore giant
Barnes & Noble
Barnes & Noble is going to back to college, or at least the college bookstore, announcing a deal to buy the college bookstore operator, the deal is valued at close to $600 million
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Oct 1 (or before) is the expected closing date for the $596 million purchase of Barnes & Noble College Booksellers, Inc. (privately held). The college chain, owned by Barnes & Noble Chairman Leonard Riggio, includes 624 stores.
The bookstore giant stated the strengthening of the company brand, coupled with eliminating annual royalties to the college division ($6 million as of end of January last year). The college chain had posted sales of $1.8 billion fiscal year ending May 2nd. It is expected to boost Barnes & Noble's earning up to 35%
The company recorded a profit of $75.9 million on $5.12 billion in sales last year.
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