Topic overview
In brief
- Barnes & Noble was taken private by Elliott Advisors in 2019 due to declining sales.
- James Daunt's strategies focus on creating a unique bookstore experience and allowing regional discretion in stock.
- The revival of Barnes & Noble has coincided with a significant increase in independent bookstores across the U.S.
Summary
In 2019, Barnes & Noble was taken private by Elliott Advisors for $683 million due to declining sales attributed to its formulaic store layouts. James Daunt, the CEO, aimed to transform the chain by infusing it with the charm of independent bookstores, focusing on creating a welcoming environment with curated selections and knowledgeable staff. This shift involved ending co-op deals with publishers that had led to uniformity across stores, allowing regional managers more discretion in stock choices. As a result, the company has opened dozens of new stores annually and remodeled existing locations to enhance the customer experience.
Daunt's approach has not only revitalized Barnes & Noble but also coincided with a resurgence of independent bookstores in the U.S. According to the American Booksellers Association, 605 new independent bookstores opened in 2025, marking an 87% increase from the previous year. Daunt believes that the narrative of big-box stores harming independent bookstores is outdated, asserting that improved bookstores lead to increased book sales and market expansion. His strategies have instilled confidence in Elliott Advisors, prompting plans for an initial public offering that could value the combined company at $4 billion.