And now that Barnes & Noble will be a private company, it no longer has to worry about quarterly sales reports and continued unfavorable comparisons to Amazon from Wall Street.
Barnes & Noble tried (but mostly failed) to keep pace with Amazon.
As of a year ago, Amazon - which started as strictly an online bookseller - accounts for almost half of all new book sales.
Just about eight months after Barnes & Noble revealed it was exploring a possible sale, the embattled bookseller has settled on a buyer.
Should Elliott prevail with its bid, James Daunt, chief executive officer of Waterstones, would head Barnes & Noble, the source said. The company's growing success took a hit following the launch of Amazon.com Inc, which started as an online marketplace for books and also as more Americans shifted to non-reading activities like videogames.
Elliott Advisors, which manages the company's United Kingdom holdings, acquired that country's leading bookseller, Waterstones, last June.
Barnes & Noble shares were last up 33.6% at $6.13.
"Having been the leader of Barnes & Noble for 54 years, I have had the privilege of working with the very best people in all the world of bookselling, including our great store managers and booksellers, who work in our stores", Riggio said.
Riggio acquired the flagship Barnes & Noble trade name in 1970s, almost a century after Charles Barnes started the business in his IL home. Since then, Barnes & Noble has grown its website, launched an ereader called Nook to compete with rival stores and online retailers. And a spin-off of the company's campus book stores into the separately traded Barnes & Noble Education in 2015 failed to get the more focused and smaller Barnes & Noble back on track either. The bricks-and-mortar giant, on the other hand, has seen its revenue slide each year for the past several years.
He called the entire large-store model for any retail chain "a 20th century concept" extinguished by the internet.
Parneros, however, rejected the accusations.