Leonard Riggio

Last updated

Leonard Riggio
Leonard Riggio.jpg
Riggio on his high school yearbook in 1958
Born(1941-02-28)February 28, 1941
New York City, U.S.
DiedAugust 27, 2024(2024-08-27) (aged 83)
New York City, U.S.
OccupationBusinessman
Known forExecutive chairman, Barnes & Noble
SpouseLouise Gebbia (second marriage)
Children3
Barnes & Noble's former flagship store at 105 Fifth Avenue in Manhattan, New York operated from 1932 to 2014 Barnes & Noble Fifth Ave flagship.jpg
Barnes & Noble's former flagship store at 105 Fifth Avenue in Manhattan, New York operated from 1932 to 2014

Leonard Stephen Riggio (February 28, 1941 – August 27, 2024) was an American businessman. He served as executive chairman of book store chain Barnes & Noble and was its largest shareholder from 1971 [1] until the sale of the company to the hedge fund Elliott Investment Management in 2019. [2] [3] Under his leadership the company expanded significantly from a single retail location on 105 Fifth Avenue in New York City to a nationwide chain with 600+ stores, which it did with acquisitions and mergers of competing chain stores including his takeover of B. Dalton in 1986, which was supported by a major investment from the Dutch retailer Vendex International and Drexel Burnham Lambert–issued junk bonds. [4]

Contents

Early life and education

Leonard Stephen Riggio was born in New York City on February 28, 1941. [5] [6] [7] [lower-alpha 1] He attended Brooklyn Technical High School, graduating in 1958, followed by evening classes at New York University. [5] [6] His father, Steve Riggio, was a professional boxer who twice defeated Rocky Graziano. [5] [9]

His brother, Steve Riggio, was CEO of the Barnes & Noble chain of bookstores from 2002 [10] [11] until his replacement by William Lynch in 2010. [12]

Career

While at New York University, Riggio founded the Student Book Exchange in 1965 and turned this small bookstore into a leading retailer. He acquired the Barnes & Noble bookstore in New York City in 1971 and adopted its name for his expanding company. He acquired hundreds of bookstores through the years and launched the Barnes & Noble superstore concept with an in-store coffee shop and spacious reading alcoves. [13] In 1986, Riggio used junk bonds issued by Drexel Burnham Lambert and a major investment from the Dutch retailer Vendex International to buy B. Dalton; the acquisition made Barnes & Noble the biggest bookseller in the United States. [4]

Riggio is recognized as being among the first entrepreneurs who turned the elitist world of bookstores into recreational stores. In 1997, Barnes & Noble had 483 superstores, 528 mall-based B. Daltons, and sales went up to $2.8 billion. The company went public in 1993. [4] Riggio launched barnesandnoble.com to compete with Amazon.com for online book sales and launched a successful video game retail operation, which grew to become GameStop. By the end of the 20th century, Riggio had built Barnes & Noble into the world's largest bookseller. [14]

From 1985, Riggio was Chairman of the Board and majority owner of MBS Textbook Exchange, Inc. based in Columbia, Missouri. [15] As of 2024 at the time of his death, MBS was one of the nation's largest wholesalers of college textbooks. [16]

Thoroughbred racing

Through his nom de course My Meadowview Farm, Leonard Riggio bred and raced horses for Thoroughbred racing. Among his successes, his colt Samraat won the Damon Runyon, Gotham, and Withers Stakes. [17] [18]

Philanthropy

Riggio was the benefactor of many community organizations and charities, including New York University and the Dia:Beacon art museum in Beacon, New York. [19] Meanwhile as an art collector he assembled a notable collection specializing in Minimalist art. [20] At one time he was listed as one of the top 200 art collectors in the world by ARTnews and thevsignifigant works in his holdings included Richard Serra's massive sculpture Sidewinder (1999), Willem de Kooning's bronze sculpture Seated Woman (1969–81), and Mark di Suvero's Caramba (1984–90). [21]

He also established Project Home Again to assist residents of New Orleans, Louisiana, who were affected by Hurricane Katrina in 2005. [22] Project Home Again will spend $20 million from the Riggio Foundation to build new homes in the Gentilly neighborhood of New Orleans. The pilot phase involves building 20 new homes on St. Bernard Avenue. On November 10, 2011, the program cut the ribbon on its 101st home. In addition to rebuilding the homes, the Riggios, through a partnership with Rooms to Go, also furnished the homes. On November 24, 2012, New Orleans Mayor Mitch Landrieu awarded the Riggios keys to the City of New Orleans at a City Council meeting. [19]

Personal life and death

Riggio was married twice and had three children. His first marriage ended in divorce; his second wife was named Louise Gebbia. [23] He owned residences on Park Avenue in Manhattan, in Bridgehampton, New York, and in Palm Beach, Florida. [23] He was active in Democratic Party politics, and served as head of campaign finance for David Dinkins's unsuccessful re-election bid as mayor of New York City in 1993. [23]

Riggio died from complications of Alzheimer's disease in Manhattan on August 27, 2024, at the age of 83. [13] [24]

Awards

Riggio's awards included the Americanism Award from the Anti-Defamation League in November 2000. [6] This award is the ADL's highest honor. [13]

See also

Notes

  1. N.B. Some sources document Riggio being born in Little Italy in New York City and growing up in Bensonhurst, Brooklyn. Cf. Kirkpatrick (1999) New York magazine, inter alia. Other sources such as Reuters document him as having been born in the Bronx, New York. [7] [8]

Related Research Articles

The New York Times Best Seller list is widely considered the preeminent list of best-selling books in the United States. Since October 12, 1931, The New York Times Book Review has published the list weekly. In the 21st century, it has evolved into multiple lists, grouped by genre and format, including fiction and nonfiction, hardcover, paperback and electronic.

<span class="mw-page-title-main">Borders Group</span> American book retailer, 1971 to 2011

Borders Group, Inc. was an American multinational book and music retailer based in Ann Arbor, Michigan, United States. In its final year, the company employed about 19,500 people throughout the U.S., primarily in its Borders and Waldenbooks stores.

<span class="mw-page-title-main">Barnes & Noble</span> American bookseller and retailer

Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 600 retail stores across all 50 U.S. states.

The American Booksellers Association (ABA) is a non-profit trade association founded in 1900 that promotes independent bookstores in the United States. ABA's core members are key participants in their communities' local economy and culture, and to assist them ABA creates relevant programs; provides education, information, business products, and services; and engages in public policy and industry advocacy. The Association actively supports and defends free speech and the First Amendment rights of all Americans, without contradiction of equity and inclusion, through the American Booksellers for Free Expression. A volunteer board of 13 booksellers governs the Association. Previously headquartered in White Plains, New York, ABA became a fully remote organization in 2024.

Walden Book Company, Inc., doing business as, Waldenbooks, was an American shopping mall-based bookstore chain and a subsidiary of Borders Group. The chain also ran a video game and software chain under the name Waldensoftware, as well as a children's educational toy chain under Walden Kids. In 2011, the chain was liquidated in bankruptcy.

<span class="mw-page-title-main">Bookstore tourism</span> Cultural tourism

Bookstore tourism is a type of cultural tourism that promotes independent bookstores as a group travel destination. It started as a grassroots effort to support locally owned and operated bookshops, many of which have struggled to compete with large bookstore chains and online retailers.

<span class="mw-page-title-main">Independent bookstore</span> Retail bookstore which is independently owned

An independent bookstore is a retail bookstore which is independently owned. Usually, independent stores consist of only a single actual store. They may be structured as sole proprietorships, closely held corporations or partnerships, cooperatives, or nonprofits. Independent stores can be contrasted with chain bookstores, which have many locations and are owned by corporations which often have divisions in other lines besides bookselling. Specialty stores such as comic book shops tend to be independent.

AbeBooks is an e-commerce global online marketplace with seven websites that offer books, fine art, and collectables from sellers in over 50 countries. Launched in 1996, it specialises in used, rare and out-of-print books. AbeBooks has been a subsidiary of Amazon since 2008.

<span class="mw-page-title-main">Bookselling</span> Business of selling and dealing with books

Bookselling is the commercial trading of books which is the retail and distribution end of the publishing process.

<span class="mw-page-title-main">B. Dalton</span> American retail bookstore chain

B. Dalton Bookseller was an American retail bookstore chain founded in 1966 by Bruce Dayton, a member of the same family that operated the Dayton's department store chain. B. Dalton expanded to become the largest retailer of hardcover books in the United States, with 779 stores at the peak of the chain's success. Located mainly at indoor shopping malls, B. Dalton competed primarily with Waldenbooks. Barnes & Noble acquired the chain from Dayton's in 1987 and continued to operate it until a late 2009 announcement that the last 50 stores would be liquidated by January 2010. B. Dalton was later revived by rebranding a Barnes & Noble location in 2022.

<span class="mw-page-title-main">BNED</span>

Barnes & Noble Education, Inc. is one of the largest operators of college bookstores in the United States. As of the end of 2020, Barnes & Noble Education operated 760 campus bookstores and school-branded e-commerce sites through its Barnes & Noble College Booksellers division. The company is headquartered in Basking Ridge, New Jersey.

<span class="mw-page-title-main">Kroch's and Brentano's</span> American bookstore/bookstore chain

Kroch's and Brentano's was the largest bookstore in Chicago, and at one time it was the largest privately owned bookstore chain in the United States. The store and the chain were formed in 1954 through the merger of the separate Kroch's bookstore with the former Chicago branch of the New York-based Brentano's bookstore. The chain was closed in 1995 after suffering financial losses from increased competition.

<span class="mw-page-title-main">Daunt Books</span> British bookstore chain

Daunt Books is an independent chain of bookshops in England, founded in 1990 by James Daunt. It originally specialised in travel books. In 2010, it began publishing. James Daunt later became the managing director of Waterstones and the US bookstore chain Barnes & Noble.

<span class="mw-page-title-main">Alexander Mamut</span> Russian billionaire businessman

Alexander Leonidovich Mamut is a Russian billionaire, lawyer, banker and investor. Until 2020, he was a co-owner of Rambler Group. He is an Israeli citizen.

Book was an American bi-monthly popular literary magazine founded in 1998 by Mark Gleason and Jerome Kramer and published by West Egg Communications. Described by its editor as "the Rolling Stone—not the Billboard—of the book industry", MediaBistro.com said it was "also the Us Weekly of the industry, offering up juicy tidbits of what passes for gossip in this relatively respectable trade", noting for prospective writers that it was aimed at "enthusiastic leisure readers". The New York Times said Book "profiles authors and their works in much the way that People magazine reports on celebrities".

Achilles James Daunt is a British businessman. He is the founder of the Daunt Books chain, and since May 2011 has been managing director of the bookshop chain Waterstones. Since August 2019, Daunt has also been CEO of Barnes & Noble, the American bookstore chain. He is known as "the man who saved Waterstones".

Shelf Awareness is an American publishing company that produces two electronic publications/newsletters focused on bookselling, books and book reviews.

<span class="mw-page-title-main">History of bookselling</span>

The selling of books dates back to ancient times. The founding of libraries in c.300 BC stimulated the energies of the Athenian booksellers. In Rome, toward the end of the republic, it became the fashion to have a library, and Roman booksellers carried on a flourishing trade.

<span class="mw-page-title-main">The Lit. Bar</span> Book store in Mott Haven, the Bronx

The Lit. Bar is an independent book store in the Mott Haven section of the Bronx in New York City, U.S. The store is owned by Bronx native Noëlle Santos, who opened it after being alarmed when she read in 2014 that a Barnes & Noble near Co-op City was going to close: while Manhattan had 90 book stores, the Barnes & Noble branch was the only book store in the Bronx. Santos, who describes herself as "a black Latina female from the community", grew up in the Soundview section of the Bronx. She earned a bachelor's of business/accounting in 2009 and a master’s in human resources management in 2012, both from Lehman College.

References

  1. Trachtenberg, Jeffrey A. (February 19, 2010). "Barnes & Noble Won't Let Burkle Raise Stakes  Board's Unanimous Decision to Bar Activist Investor from Holding 37% of Bookseller's Shares Could Lead to Proxy Fight". The Wall Street Journal . Archived from the original on August 28, 2024. Retrieved August 21, 2013.
  2. "Barnes & Noble Founder Retires, Leaving His Imprint on Bookstore's History". NPR.org. May 7, 2016. Archived from the original on August 28, 2024. Retrieved February 26, 2020.
  3. Alter, Alexandra; Hsu, Tiffany (June 7, 2019). "Barnes & Noble is Sold to Hedge Fund After a Tumultuous Year". The New York Times. Archived from the original on June 7, 2019. Retrieved February 26, 2020.
  4. 1 2 3 Dugan, Jeanne (June 29, 1998). "The Baron of Books: Barnes & Noble's Leonard Riggio says his megastores have 'liberated' a hidebound industry. If smaller rivals perish, so be it". Business Week . Archived from the original on May 4, 1999. Retrieved August 17, 2009.
  5. 1 2 3 Kirkpatrick, David D. (July 19, 1999). "Barnes & Noble's Jekyll and Hyde". New York magazine. Archived from the original on January 30, 2020. Retrieved April 19, 2014.
  6. 1 2 3 "Profile: Leonard S. Riggio". Business Week. June 29, 1998. Archived from the original on May 4, 1999. Retrieved August 17, 2009.
  7. 1 2 Green, Penelope (August 30, 2024). "Leonard Riggio, 83, Dies; Founded Barnes & Noble and Upended Publishing". The New York Times. Retrieved August 31, 2024.
  8. Hu, Winnie (October 22, 2014). "Barnes & Noble to Leave the Bronx After 15 Years". The New York Times. Retrieved September 1, 2024.
  9. "Record: Steve Riggio". BOXREC. Archived from the original on April 20, 2014. Retrieved April 19, 2014.
  10. Kirkpatrick, David (February 13, 2002). "Founder of Barnes & Noble to Step Down as Chief Executive". New York Times. Archived from the original on August 28, 2024. Retrieved February 5, 2024.
  11. "EX-10.5: EMPLOYMENT AGREEMENT WITH STEPHEN RIGGIO". www.sec.gov. Archived from the original on August 28, 2024. Retrieved February 5, 2024.
  12. "Barnes & Noble Web Head to Become CEO". CNBC. AP. March 18, 2010.
  13. 1 2 3 Italie, Hillel (August 27, 2024). "Leonard Riggio, who forged a bookselling empire at Barnes & Noble, dead at 83". Associated Press . Archived from the original on August 28, 2024. Retrieved August 27, 2024.
  14. Milliot |, Jim. "Len Riggio, Trailblazing Bookselling Giant, Dies at 83". PublishersWeekly.com. Archived from the original on August 28, 2024.{{cite web}}: CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  15. Jodie Jackson Jr (March 10, 2017). "LOCAL ROOTS: MBS Textbook Exchange grew from a simple beginning". Columbia Daily Tribune. Archived from the original on August 28, 2024. Retrieved August 28, 2024.
  16. Snow, Maia. "Barnes and Noble founder Leonard Riggio dies aged 83". The Bookseller. Archived from the original on August 28, 2024.
  17. Rees, Jennie (April 2, 2014). "Samraat steps up in Wood Memorial". The Courier-Journal. Archived from the original on August 28, 2024. Retrieved August 28, 2024.
  18. Admin, NYTB (December 18, 2013). "Damon Runyon is all about Samraat". New York Thoroughbred Breeders, Inc. News. Archived from the original on March 21, 2016. Retrieved August 28, 2024.
  19. 1 2 Moran, Kate (February 27, 2008). "Barnes & Noble Chairman Follows His Heart, Opens His Wallet". The Times-Picayune . Archived from the original on February 29, 2008. Retrieved August 21, 2013.
  20. "Leonard Riggio, Barnes & Noble Founder Who Amassed a Major Art Collection, Dies at 83". Archived from the original on August 29, 2024. Retrieved August 28, 2024.
  21. "Louise and Leonard Riggio". September 10, 2017. Archived from the original on August 28, 2024. Retrieved August 29, 2024.
  22. "Project Home Again | Helping New Orleanians with Garage Doors". www.projecthomeagain.net. Archived from the original on March 6, 2016. Retrieved February 27, 2008.
  23. 1 2 3 Green, Penelope (August 31, 2024). "Leonard Riggio, 83, Dies; Turned Barnes & Noble Into Behemoth" . The New York Times . p. A1. Retrieved September 2, 2024.
  24. Smith, Harrison (August 28, 2024). "Leonard Riggio, who built Barnes & Noble into a juggernaut, dies at 83". Washington Post . Archived from the original on August 29, 2024. Retrieved August 29, 2024.

Further reading