NEW YORK (TheStreet) -- Shares of Barnes & Noble, Inc. (BKS) are down -5.91% to $17.50 after it was announced today that company chairman Leonard Riggio sold a portion of his holdings of Barnes & Noble stock.
Mr. Riggio said he sold 3.7 million shares of Common Stock, after which his holdings are expected to represent approximately 20% of Barnes & Noble's Common Stock outstanding.
"After this sale I remain the cmpany's largest shareholder, a position I feel very good about," said Riggio.
He added that his sale is part of his long-term financial and estate planning, and that he has no plans to sell more stock this calendar year.
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