Barnes & Noble founder takes $40 million loss

Leonard Riggio, founder and chairman of Barnes & Noble Inc., disclosed that he realized a loss of about $40 million when he sold 2 million shares,

the

Wall Street Journal

reported.

Riggio told the

Journal

that he doesn’t intend to sell more shares.

Barnes & Noble shares have dropped by about 70% since early 2006, the

Journal

article said. According to the report:

Mr. Riggio, who still owns 26% of Barnes & Noble, has been a big shareholder since the company went public in 1993, having built the chain from a single store he acquired in 1974. While it is likely that the bulk of his holdings date from his early, pre-IPO investments, over the years he has added to his stake — not always profitably, Mr. Riggio acknowledged in an interview.

The

Journal

report said Riggio last sold shares in Barnes & Noble in 2001. (Source:

Wall Street Journal,

Dec. 12, 2013.)