Barnes & Noble, Inc. (NYSE: BKS), today announced that it has completed the separation of its Retail and College businesses. Barnes & Noble Education, Inc. is now an independent public company and the parent of Barnes & Noble College, trading on the New York Stock Exchange under the ticker symbol, “BNED.” The Company’s leadership team joined with store managers to ring the opening bell at the NYSE this morning to mark the milestone.
“This is an exciting day in the history of Barnes & Noble College,” said Max J. Roberts, Chief Executive Officer, Barnes & Noble Education. “We are an industry leader with 724 campus stores serving colleges and universities and more than 5 million students and their faculty across the country. As a separate public company, we believe we are well positioned to take advantage of future growth opportunities and enhance our services for our current and future customers.”
Following today’s spinoff of College, Michael Huseby, former Chief Executive Officer of Barnes & Noble, Inc., became Executive Chairman of Barnes & Noble Education, which will have a separate Board of Directors. As previously announced, Ronald D. Boire will take over as Chief Executive Officer of Barnes & Noble, Inc. effective September 8, 2015.
Under the terms of the separation, stockholders who held BKS common stock on July 27, 2015 (the “Record Date”) received a distribution of 0.632 BNED common share for every one share of BKS common stock held as of the record date.
For more information, visit bned.com.