NEW YORK — Barnes & Noble, which has struggled with recent losses amid declining store traffic, said its line of Nook e-readers has become the best-selling product in the company’s nearly 40-year history.
The nation’s largest bookstore chain is pinning its hopes on luring readers who are increasingly going digital, saying in November it had a 20 percent share of the rapidly growing e-book market and that it hoped to gain market share in coming years. It faces stiff competition in that area from Apple and Amazon, among others.
The success of the product comes as Barnes & Noble in November posted its third straight quarterly loss. It has said it is undergoing a strategic review, which could include a sale of the company, although it’s unclear how willing shareholders would be to cede control.
Meanwhile, Borders also has fared poorly, and its second-largest shareholder, activist hedge- fund manager Bill Ackman, said this month he would be prepared to finance a buyout of Barnes & Noble by the smaller rival.
Dow Jones Newswires
