NEW YORK — Barnes & Noble says it plans to keep making its Nook electronic readers and will focus on offering content to its customers, even as its first-quarter net loss nearly doubled.
The quarterly results came as the struggling bookseller’s chairman said he is abandoning his bid for the company’s retail stores. Shares tumbled over 12 percent.
Barnes & Noble is reviewing its strategy in the wake of CEO William Lynch’s departure in June and continuing declines in Nook revenue, a unit the company has invested heavily in. In a call with investors, Barnes & Noble Michael Huseby, president of Barnes & Noble and CEO of its Nook business, said the 4-year-old Nook business has had some success, with 10 million devices sold and a 22 percent share in the e-book market. But he said there have been missteps.
On Tuesday, Chairman Leonard Riggio dealt the company another blow, saying he is ending a bid for the company’s bookstores.