BNED

Last updated

Barnes and Noble Education, Inc.
Type Public
NYSE:  BNED
S&P 600 component
Predecessor Corporate spin-off from Barnes & Noble, Inc.
FoundedAugust 3, 2015;7 years ago (2015-08-03)
Headquarters
Basking Ridge, New Jersey
,
United States
Number of locations
773 (December 2018) [1]
Key people
Michael P. Huseby (CEO, chairman)
BrandsYuzu digital textbook platform
Divisions
  • Barnes & Noble College
  • MBS Textbook Exchange
Website www.bned.com

Barnes & Noble Education (doing business as BNED, [2] after its New York Stock Exchange ticker symbol) is one of the largest operators of college bookstores in the United States. [3] 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. [4] The company is headquartered in Basking Ridge, New Jersey. [5]

Contents

BNED was part of the Barnes & Noble national retail bookstore chain until 2015, when Barnes & Noble separated its higher-education operation from its retail trade stores and Nook brand ebook operation. [6]

The company's main competitor in the management of on-campus college bookstores industry is Follett. [7] It is not unusual for college campuses to replace their bookstore operators with their main rival after the current store management contracts expires. [8] [9]

History

In February 2015, Barnes & Noble had announced plans to spin off its college bookstore assets and create a separate company called Barnes & Noble Education. [10] On August 3, 2015, Barnes & Noble Education, Inc. began trading on the New York Stock Exchange under the ticker symbol, "BNED". [11] [12] The company operates stores dedicated to selling college textbooks, both on and off campus. [13]

In June 2016, Barnes & Noble Education completed the acquisition of Promoversity, a custom merchandise supplier and e-commerce business that works with the collegiate bookstore business and its customers. [14]

In February 2017, Barnes & Noble Education had acquired MBS Textbook Exchange, a major textbook distributor based in Columbia, Missouri, for $174.2 million in cash. [15] [16]

By December 2018, Barnes & Noble Education had operated or managed 773 campus bookstores under contracts. [1]

In July 2019, BNED revealed that the company had turned down several offers by California-based Bay Capital Finance to take over the company citing that the offers by Bay Capital were "substantially undervalued BNED, were highly conditional and not credible." [17] Unlike its former parent company, BNED was diversifying its business by the acquisition of many digital services companies to increase the number of services offered by its Digital Student Solutions division during its past four years as an independent company.

Digital Student Solutions division

In March 2016, Barnes & Noble Education enlarged their Digital Student Solutions online services division by acquiring LoudCloud Systems, a digital platform and analytics provider to clients in higher education, the for-profit sector, and K-12 segment. [18]

In August 2017, Barnes & Noble Education acquired Student Brands for $58.5 million. [19]

In August 2018, Barnes & Noble Education acquired PaperRater, a service that helps students write papers and identify plagiarism. [20]

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References

  1. 1 2 "Barnes & Noble Education Reports Second Quarter Fiscal Year 2019 Financial Results". Business Wire (Press release). December 4, 2018.
  2. ↑ "About | Barnes and Noble Education". March 10, 2019. Retrieved May 2, 2023.
  3. ↑ Rosen, Judith. "College Stores Adapt to Change". Publishers Weekly. No. February 15, 2019. Retrieved February 1, 2021.
  4. ↑ Maurer, Mark. "Barnes & Noble Education CFO Eyes More Cuts as Campuses Remain Closed". Wall Street Journal. No. December 28, 2020. Dow Jones & Company. Retrieved February 1, 2021.
  5. ↑ "Directions Archived August 28, 2011, at the Wayback Machine ." Barnes & Noble College Booksellers. Retrieved on July 24, 2011. "Barnes & Noble College Booksellers 120 Mountain View Boulevard, Basking Ridge, NJ 07920"
  6. ↑ Milliot, Jim (February 26, 2015). "B&N Will Separate College from Trade, Nook Units". Publishers Weekly. Retrieved February 1, 2021.
  7. ↑ Rosen, Judith (February 23, 2018). "Rethinking College Stores". Publishers Weekly .
  8. ↑ Ryan, Sue (June 28, 2021). "Notre Dame partners with Barnes & Noble College to manage bookstore properties". University of Notre Dame .
  9. ↑ Misiaszek, McKenzie (May 28, 2019). "Follett replaces Barnes & Noble as bookstore provider". The Cougar .
  10. ↑ Kell, John (February 26, 2015). "Barnes & Noble is spinning off its college store business". Fortune . Retrieved August 30, 2018.
  11. ↑ Schaffler, Rhonda (August 3, 2015). "Barnes and Noble Education Spins Off, Looks for Growth in Digital Textbooks, Colleges: Barnes and Noble Education rang the opening bell at the New York Stock Exchange after spinning off from Barnes and Noble, and will have its own board and management team". TheStreet.com .
  12. ↑ McCoy, Kevin (August 30, 2017). "Barnes & Noble Education shares plunge on earnings miss". USA Today . Retrieved August 30, 2018.
  13. ↑ "Barnes & Noble closes the book on Fifth Avenue Store". Crain's New York . January 6, 2014.
  14. ↑ Menapace, Brendan (June 24, 2016). "Acquires Promoversity". Promo Marketing Magazine.
  15. ↑ Lima, Beatriz Costa (March 1, 2017). "Barnes and Noble Education Buys MBS Textbook Exchange". KBIA .
  16. ↑ "Barnes & Noble Education Acquires MBS for $174.2 Million". Business Wire (Press release). February 28, 2017.
  17. ↑ Duffer, Ellen (July 28, 2019). "Barnes & Noble Education Declines Acquisition Offer". Forbes .
  18. ↑ "Barnes & Noble Education, Inc. Announces the Acquisition of LoudCloud Systems". Business Wire (Press release). March 8, 2016.
  19. ↑ Milliot, Jim (August 7, 2017). "B&N Education Buys Student Brands for $58.5 Million". Publishers Weekly .
  20. ↑ "Barnes & Noble Education Acquires PaperRater.com". MarketWatch . August 22, 2018.
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