Once a book selling giant, Barnes & Noble sold to hedge fund

NEW YORK (AP) — The one-time bookselling giant Barnes & Noble is being acquired by a hedge fund for $476 million.

The national chain that many blamed for the demise of independent bookstores has been ravaged by Amazon.com and other online sellers. Independent bookstores have also persisted in the face of digital publishing.

The company said in October that it might put itself up for sale after it was approached by a number of potential buyers, including founder Leonard Riggio who opened Barnes & Noble stores across the country and turned it into a superstore. 

RELATED: Take a look at every retailer that filed for bankruptcy in 2018: 

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Every retailer who filed for bankruptcy in 2018

A'gaci

Women's apparel and accessories retailer A'Gaci filed for Chapter 11 bankruptcy in January. 

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Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection in January.

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Tops Markets operates 174 supermarkets — called Tops Friendly Markets. The company filed for bankruptcy protection in February.

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The Bon-Ton Stores owns multiple department store chains including Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers. The company filed for bankruptcy in February.

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Remington Outdoor

Remington filed for Chapter 11 bankruptcy protection in March.

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The Walking Company

The shoe seller The Walking Company, which operates 208 stores in the US, filed for Chapter 11 bankruptcy protection in March.

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Claire's

The jewelry chain Claire's filed for bankruptcy in March.

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Southeastern Grocers

Southeastern Grocers, the parent company of the grocery chains Winn-Dixie, Harveys and Bi-Lo, filed for Chapter 11 bankruptcy protection in March.

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Nine West

Nine West Holdings filed for bankruptcy in April.

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Bertucci's

Italian casual-dining chain Bertucci's filed for Chapter 11 bankruptcy protection in April.

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Rockport

The footwear brand filed for Chapter 11 bankruptcy protection in May.

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National Stores

The owner of the Fallas chain of discount stores filed for bankruptcy in August.

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Brookstone

Brookstone filed for Chapter 11 bankruptcy protection in August.

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Samuels Jewelers

Samuels Jewelers filed for Chapter 11 with an agreement for bankruptcy financing in August.

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Toys R Us

Toys R Us filed for bankruptcy in September.

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Mattress Firm

Mattress Firm filed for bankruptcy in October.

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Sears

Sears filed for bankruptcy in October.

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Barnes & Noble said Friday that it's being acquired by Elliott Management for $6.50 per share, an approximately 9% percent premium to the company's Thursday closing stock price. Elliott bought the U.K. bookseller Waterstones in June 2018.

Waterstones CEO James Daunt will also take on the role of CEO at Barnes & Noble.

The sale, valued at about $683 million including debt, is targeted to close in the third quarter if approved by regulators and shareholders.

Shares of the New York company jumped 11% before the opening bell.

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