Barnes & Noble chairman Leonard Riggio has sold a portion of his holdings of company stock.
Riggio said he sold 3.7 million shares of common stock, after which his holdings are expected to represent approximately 20% of Barnes & Noble’s common stock outstanding.
“After this sale I remain the company’s largest shareholder, a position I feel very good about,” said Riggio. “I love this company and I believe in its future as I do in all of the wonderful people who work here.”
Riggio added that his sale is part of his long-term financial and estate planning and that he has no plans to sell more stock this calendar year.
Barnes & Noble operates 663 Barnes & Noble bookstores in 50 states, as well as an e-commerce site.