September 7, 2018 / 3:03 PM / 9 months ago

Barnes & Noble shares soar after investor discusses sale with founder

Sept 7 (Reuters) - Shares of Barnes & Noble Inc jumped 20 percent on Friday, their best one-day percentage gain in over five years, after investor Richard Schottenfeld disclosed a higher stake and said he had discussed a possible sale of the bookseller with its founder and chairman.

Schottenfeld disclosed a stake of 6.9 percent late on Thursday. His stake stood at 5.7 percent, according to a regulatory filing in July.

Schottenfeld said he expects to continue his talks with company’s founder-chairman, Leonard Riggio, and its management over filling top leadership positions with executives who could reverse years of falling sales and consider all opportunities for a possible sale.

The company fired Chief Executive Officer Demos Parneros in July over allegations of sexual harassment and other inappropriate behavior and said it would begin the process to find a replacement only after its annual shareholder meeting in early October.

Parneros sued the company in August and also accused Riggio of engineering his firing after turning on him when an unnamed company withdrew a takeover bid for the New York-based company in early June.

Barnes & Noble did not immediately respond to a request for comment. (Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila and Maju Samuel)

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