MAIN NEWS HEADLINES
January 15 – January 22, 2008 Edition
Sells All Stock
In Barnes & Noble
NEW YORK, NY (Authorlink News, January 12 2009)-Barnes & Noble, Inc. whose market share plunged to half its value in recent months, took another hit late last week when Pershing Square Capital Management LP, its third largest investor, confirmed it has sold its entire stake in the book retailer.
Effective December 22, Pershing owned no shares in B&N after having held an 11.8 percent stake since September 30. The hedge fund company, headed by William Ackman, took a 12 percent decline from Barnes & Noble and Borders Group stocks. Yucaipa Cos., a private equity firm, took up most of the slack, purchasing 8.3 percent of Barnes & Noble on January 2. Yucaipa has indicated it may take an active role in monitoring B&N’s performance and helping it with strategic opportunities.
Barnes & Noble nor Pershing Square were available for comment.
Barnes & Noble reported last week that sales at stores open at least a year declined 7.7 percent during the holiday period.