NEW YORK (AP) – Barnes & Noble says it wants to split its retail bookstores and Nook media business into two separate public companies as it looks to boost shareholder value.
The bookseller’s stock jumped more than 8 percent in Wednesday premarket trading.
Barnes & Noble has been trying to turn itself around as competition from discount stores and online retailers toughens, and as readers shift away from traditional books to digital formats.
The New York-based chain, which announced earlier this month that it was teaming with Samsung to develop Nook tablets, said that its board has approved the separation plans. It hopes to complete the separation by the end of 2015’s first quarter.
Barnes & Noble Inc. also reported its fourth-quarter loss narrowed, but the performance still missed Wall Street’s expectations.
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