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Barnes & Noble loss widens, Riggio halts store purchase plan

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(Globalpost/GlobalPost)

(Reuters) - Barnes & Noble Inc on Tuesday reported a deeper quarterly loss as sales of its Nook device and e-books continued to plunge and as business at its bookstores declined, and its founder pulled the plug on his plan to buy its stores.

Leonard Riggio, the company's chairman and top shareholder, said that he has suspended his efforts to make an offer for Barnes & Noble's retail business yet reserves the right to pursue an offer in the future, saying he believes "it is in the company's best interests to focus on the business at hand."

The largest U.S. bookstore chain reported a net loss of $87 million, or $1.56 per share, for the fiscal first quarter ended July 27, compared with a loss of $39.8 million, or 76 cents per share, a year earlier.

(Reporting by Phil Wahba in New York; Editing by Gerald E. McCormick)

http://www.globalpost.com/dispatch/news/thomson-reuters/130820/barnes-noble-loss-widens-riggio-halts-store-purchase-plan