Barnes & Noble boss is planning to open about 60 new stores in the US
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- Barnes & Noble plans to open around 60 new stores in the US, says CEO James Daunt.
- Daunt said it would be "logical" to consider a future initial public offering in London or New York.
- Barnes & Noble was acquired by Elliott Investment Management for $683 million in 2019.
James Daunt, the CEO of Barnes & Noble and Waterstones, said he would open about 60 new stores in the US.
The British bookseller boss told the Financial Times that he is considering a future initial public offering in London or New York as well as the expansion.
Throughout 2024, 57 Barnes & Noble locations were opened across the US, which currently has approximately 600 stores. In the UK, 12 new stores were added. Speaking about additions in the new year, Daunt said to the FT that he plans to "do that or more in 2025."
Barnes & Noble is the largest book chain in America. After he quit his investment banking job, Daunt launched Daunt Books in London in 1990 — where there are now about 10 stores. In 2011, he was appointed managing director of British bookseller Waterstones to help the struggling business, which faced growing competition from Amazon.
In 2018, Waterstones was sold to Elliott Investment Management by Russian billionaire and publisher Alexander Mamut. Barnes & Noble was acquired by the same New York-headquartered hedge fund the following year for $683 million.
Daunt was named CEO of both book retailers. He also continues to run his independent book chain in London.
The Barnes & Noble and Waterstones boss told the FT it would be "logical" to contemplate an IPO but that any plan would be based on Elliott's strategy for the future. Citing a person familiar with the matter, the FT reported there are no current plans to list the chains. However, it could be a possibility at a later stage.
At present, Daunt hopes to combine the IT and finance platforms at Barnes & Noble and Waterstones into one system.
He noted that it was a "solid Christmas" because as the holiday fell on a Wednesday, last-minute shoppers had the weekend before to purchase gifts.
"The last weekend and [December] 23-24 were exceptional on both sides of the Atlantic," he told the FT. "It has been a good post-Christmas as well."