New York -- Mitchell Klipper, CEO of Barnes & Noble’s retail group., sold off two-thirds of his stock holdings in Barnes & Noble between Aug. 22 and Aug. 26 of this year. An SEC filing indicates that Klipper sold 400,000 of roughly 600,000 shares he held in the company, grossing more than $5.5 million.
Klipper’s sale follows the release of disappointing first quarter financial results for Barnes & Noble last week, including a worse-than-expected net loss of $87 million for the first quarter and falling revenues for the entire chain as well as for its struggling Nook e-reader. In addition, Barnes & Noble founder, chairman and largest shareholder, Leonard Riggio, called off his offer to buy the company’s retail business.
According to the Wall Street Journal, senior management of Barnes & Noble had been prohibited from selling company stock during a strategic review period that ended when first quarter earnings were publicly released.