Barnes & Noble Mulls Sale

The bookstore chain reports that it will consider selling the company to an investor group led by Leonard Riggio, chairman and founder of Barnes & Noble, as well as look over other strategic options.

"I fully support the board's decision to evaluate strategic alternatives at this time," says Riggio. "Regardless of whether I participate in an investment group that buys the company, I, as well as the entire senior management team, am willing and eager to remain with the company and see it through the challenging years ahead. Having spent a lifetime in bookselling and building this great company, I am as committed as ever to the future of Barnes & Noble."

The committee appointed Lazard as financial advisor and Morris, Nichols, Arsht & Tunnell as legal advisor.