Mitchell Klipper, head of the retail group at Barnes & Noble Inc, recently sold approximately two-thirds of his shares in the ailing retailer, as shown in a filing with the Securities and Exchange Commission. Klipper sold 400,996 shares at prices ranging from USD13.99 to USD14.53.
Klipper had been chief executive of Barnes & Noble's retail group since March 2010, with 622,000 shares as of the company's recent proxy filing dated July 29. As the second-highest paid executive of the company, he owns approximately 1% of its outstanding shares. The sale of Klipper's shares allowed him to raise over USD5.5 million.
The disclosure came a week after Leonard Riggio, founder and top shareholder of the largest U.S. bookstore chain, held back on his plans to make an offer for the retail business. Barnes & Noble's digital unit had suffered losses since the last quarter of 2012, leading the company to halt production of its Nook color touchscreen tablets to stem losses.
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