Barnes & Noble owner Elliott Investment Management is contemplating an initial public offering as it aggressively opens new locations, according to the Wall Street Journal. The retail group now includes Barnes & Noble, UK-based book chain Waterstones, and stationery and gift retailer Paper Source, which it acquired out of bankruptcy in 2021 (see “B&N Parent Acquiring Paper Source”).
Elliott is talking to banks about managing the offering, although no final decision has been made, according to the report, citing “people familiar with the matter.” It it moves forward, the offering could take place in the second half of 2026. Barnes & Noble opened 60 stores in 2025, bringing the total number to 702, up from 627 when Elliott bought B&N in 2019.
The big management change was reducing homogeneity and giving local store management more control over the curation and displays in each store (see “Fewer Planograms”). The chain has been doing well, according to the report.
The variation in merchandising from store to store can be seen in recent ICv2 channel checks (see “Channel Check: B&N Games, Madison,” Channel Check: B&N Graphic Novels, Madison”; and “Channel Check: B&N Orland Park”).
Source: ICv2
