Barnes & Noble Inc. said Tuesday its board has approved the
spinoff of its education business, which is expected to begin
regular trading on the New York Stock Exchange Aug. 3.
On Aug. 2, Barnes & Noble shareholders will receive of a
0.632 share of the new company, Barnes & Noble Education Inc.,
for each share held. Barnes & Noble Education will trade under
the symbol "BNED." The shares will begin trading on a conditional,
or "when-issued," basis on July 23.
Barnes & Noble in February announced plans to separate its
college stores, as the bookseller battles steep losses at its Nook
digital unit, declining overall revenue amid store closings and
ramped up competition from Amazon.com Inc. and other online
retailers.
After the split, Barnes & Noble will keep the consumer
stores, online business and Nook unit. That company will be led by
Ronald D. Boire, a veteran retailer who has held roles at Sears
Canada Inc., Brookstone Inc., Toys "R" Us Inc. and Best Buy Co.
Barnes & Noble's current CEO, Michael Huseby, will join the
education business as executive chairman after the split.
Barnes & Noble said it would begin paying a quarterly
dividend of 15 cents a share after the spinoff. The first dividend
is payable on Aug. 17.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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