NEW YORK — Barnes & Noble hopes to survive by splitting in two. The largest U.S. brick-and-mortar bookseller, beset by competition from retailers like Amazon and discount stores like Walmart, said Wednesday that it plans to split off its Nook e-reader division as it looks to boost shareholder value.
Investors applauded the news, sending shares up more than 6 percent in midday trading.
The company’s retail business includes its bookstores and BN.com businesses. Nook Media, which counts software company Microsoft Corp. and educational book publisher Pearson Inc. among its investors, houses the digital and college businesses of Barnes & Noble.