Barnes & Noble's retail head sells shares

Mon Aug 26, 2013 9:08pm EDT
 
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(Reuters) - Barnes & Noble Inc's (BKS.N: Quote) retail group head Mitchell Klipper sold about two-thirds of his shares in the beleaguered retailer in the past few days, according to a filing with the Securities and Exchange Commission.

Klipper, 55, who has been the chief executive of Barnes & Noble's retail group since March 2010, sold about 400,996 shares at prices ranging from $13.99 to $14.53, raising more than $5.5 million, the filing showed. (link.reuters.com/fam62v)

As of the company's recent proxy filing dated July 29, Klipper owned 622,000 shares. He is the second-highest paid executive of the company and owns about 1 percent of its outstanding shares.

The disclosure comes a week after the largest U.S. bookstore chain's founder and top shareholder, Leonard Riggio, suspended plans to make an offer for the retail business.

(Reporting by Avik Das in Bangalore; Editing by Stephen Coates)

 
Customers enter a Barnes and Noble store in New York June 25, 2013. REUTERS/Brendan McDermid