For some months, Barnes and Noble has been searching for a buyer. The company has struggled to compete in recent years with online book sellers like Amazon. The e-reader revolution has also began to cut into its physical book sales, as its Nook's success has been modest. But sources indicate that U.S.'s largest bookstore chain may end its search for a buyer without an offer it will accept. Jeffrey McCracken, Matt Townsend, and Jonathan Keehner at Bloomberg report:
Private-equity firms and strategic bidders have backed away from the auction, said the people, who asked not to be identified because negotiations aren't public. Interest from at least seven potential buyers waned after the first round of bidding, the people said.
The auction isn't over and will probably last a few more weeks before the company officially calls off the search, one person said. Mary Ellen Keating, a spokeswoman for New York- based Barnes & Noble, said the process is still ongoing and declined to comment further.
If it doesn't find a buyer, then the company will have to rework its strategy to convince investors that it can survive in the rapidly evolving market for books.
Read the full story at Bloomberg.