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Non-Tech : Barnes & Noble (BKS)
BKS 6.4900.0%Aug 19 5:00 PM EST
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To: Crystal ball who wrote (1471)6/3/1999 12:17:00 PM
From: Steven A. Annese  Read Replies (1) of 1691
 
New York, June 2 (Bloomberg) -- The following are comments from Leonard Riggio, chairman and chief executive of Barnes & Noble Inc., the largest U.S. bookseller, on his company's decision to abandon its proposed $600 million purchase of book wholesaler Ingram Book Group in the face of U.S. Federal Trade Commission opposition. ''The whole premise of the opposition was that we were buying Ingram to shut down independent booksellers. Now if independent booksellers are responsible for 75 percent of Ingram's profit, think of how foolish we'd have to be to buy a company for $600 million and cut off 75 percent of the profits. The premise was just so flawed.'' ''And then to say that we needed to have Ingram so we could find out what little booksellers were stocking is so ridiculous, because we stock five, ten times as much as the average small bookstore. Why in the heck would we need Ingram to find out what to stock?'' ''Besides that, they said we'd find out what their sales volume was. Now, if any retailer worth their salt walks into another retailer's store and can't tell you the volume of that store within 5 percent, they don't deserve to be in retail. So we sure as heck didn't need Ingram to find out what a little bookstore was doing in volume in order to put up a mega-bookstore in that neighborhood. It's just ridiculous.''
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