Barnes & Noble End Nook Partnership with Microsoft
In 2012, when Microsoft announced an investment of $300 million in the Nook division of Barnes & it seemed that it was a new life line for the last standing physically existing bookstore chain. The investment valued the business of Nook at $1.7 billion at that time. Owing to the news the stocks of the bookseller had spiked.
But things have changed now and the investments of Microsoft seemed to wither away. In these two years and some more, the Nook business could not even hold on to half its value.
Both the companies parted ways on Thursday. Barnes & Noble bought out Microsoft for approximately $120 million.
The Nook, once appeared to be the best shot for Barnes & Noble as it was thought that it will adapt in a big way to the digital retail scene of the modern era. But things did not go the way it was expected to. The Nook has become a drag on the business of Barnes & Noble.
On Thursday, Barnes & Noble reported that the revenue of the Nook division fell 41 percent in the last quarter to $64 million when compared to the same period in the previous year. It also reported that the sales of e-books along with other digital content also dropped 21 percent in the most recent quarter to $45 million.
New Zealand News
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