Barnes & Noble Inc. nominated two outside directors and said its chairman and top shareholder Leonard Riggio would stand for reelection as the bookseller faces a proxy battle with billionaire Ron Burkle.
David Golden, a partner in investment firm Revolution LLC, and David Wilson, chief executive of the nonprofit organization that runs the Graduate Management Admission Test, will run for election at the annual shareholder meeting set for Sept. 28.
Barnes & Noble has put itself up for sale after suffering for years from growing competition from retail giants like Wal-Mart Stores Inc. and Amazon.com. Riggio is trying to assemble an investor group to buy the company, but faces opposition from Burkle, who says mismanagement has driven the chain’s value down.
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