Barnes & Noble Reverses Business Strategy, 'At Least One' New Nook Device Set For Release In 2013
Barnes & Noble (NYSE: BKS) announced today that it will release "at least one new Nook device" before the end of 2013. The last-standing major national bookseller announced that it would be releasing one more nook device during it Q1 FY2014 results. During the announcement, the company also declared that revenue declined 8.5 percent on the quarter.
"At least one new Nook device will be released for the coming holiday season and further products are in development," said Michael P. Huseby, president and chief executive of Nook Media, in a statement. "All Nook devices will continue to be backed by world-class pre- and post-sales support in Barnes & Noble stores, as well as ongoing software upgrades and improvements to the digital bookstore service."
It's still unclear whether the new Barnes & Noble Nook will be an e-ink device or whether it will be a low-budget Android-based tablet. Earlier this year, Barnes & Noble committed to releaseing black-and-white readers such as the Nook Simple Touch. The company announced that it would be looking for a partner to make future versions of the Nook.
"We want to move away from taking on all that risk ourselves," Barnes & Noble Chief Executive William Lynch told investors on a conference call in June. "It was very capital intensive to build our own tablets."
In addition to the announcement that Barnes & Noble will be revealing a new Nook device before the end of the year, Barnes & Noble chairman, founder and top shareholder Leonard Riggio announced that he'll be discontinuing efforts to purchase B&N's retail business.
"While I reserve the right to pursue an offer in the future, I believe it is in the company's best interests to focus on the business at hand. Right now our priority should be to serve the more than 10 million customers who own NOOK devices, to concentrate on building our Retail business, and to accelerate the sale of NOOK products in our stores, and in the marketplace," said Riggio in a statement.
© 2014 iDigitalTimes All rights reserved. Do not reproduce without permission.