A $ 700 million deal to save the largest library in America

culture

Got a company Waterstones , A British bookmaker specializing in book sales, has acquired an acquisition in a deal worth $ 700 million to save the company Barnes & Noble American and also specialized in the sale of books.

James Donut, chief executive officer of the company, has been announced Waterstones British director of the company Barnes & Noble Which has 627 branches across the United States and is the largest national bookstore chain after a series of mergers and bankruptcy in the American book industry since the 1990s.

Barnes & Noble

"Libraries across the world are facing daunting challenges from the Internet and digitizing," James Dunt said in a statement to the media, "We face these investments with greater investment and confidence so that we can take advantage of the unparalleled book-selling skills of these two great companies."

This has been included Barnes & Noble On the New York Stock Exchange since 1993, and its rapid growth has helped marginalize many independent book sellers, but it has suffered badly after turning over Amazon Market upside down, efforts failed Barnes & Noble In attracting audiences after turning to e-books and tablets like Kindle.

Waterstones

In 2014, closed Barnes & Noble New York, the world's largest bookstore, has faced declining sales for at least the past three years and last year lost $ 137.7 million before a $ 3.6 billion sales tax.

James Daunt

Said Leonardo Reggio, founder and president Barnes & Noble"We are delighted to reach this agreement with Waterstones A book vendor I've been impressed with over the years. Given their success in the book market, I think they are uniquely suited to improving and developing the company for many years to come. "

It was Waterstones Have suffered from Amazon But returned to profit in 2016 after six years of losses, after James Donut oversaw large investments, with a focus on turning the branches to places to browse and organize more events.