Circle September 28th in red on your calendar. That may be the last day of Barnes & Noble as we know it.

September 28th is the day of the company’s shareholders meeting. The fate of the world’s largest bookstore chain will be decided when its founder Leonard Riggio and the second biggest shareholder, billionaire Ronald Burkle, duke it out for control of the firm. You would not believe the contriving, conniving, jockeying and maneuvering going on as these sumos confront each other with hate in their eyes.

Hard as it may be to believe, because of sagging financial performance against its relentless rival Amazon, Riggio stands to be ousted from his own company’s managing board. If he is, what will happen to the company and some 1357 trade and college bookstores? No one knows, because Burkle’s intentions are unclear.  He has been articulate about what he doesn’t want – Riggio and his policies – but far from clear about what he will do with B&N if he gets his mitts on it.  (See What Does This Investor See in B&N That We Don’t See?). Burkle has not evinced much love for books, but he loves money passionately and he obviously sees plenty of value in B&N. Or is it the land that B&N’s stores sit on.

For a in-depth analysis of both men and the empire they are fighting over, read Andrew Rice’s splendid New York magazine profile The Billionaire and the Book Lover.

Richard Curtis

Every Blogger owes a debt of gratitude to newspapers and magazines. This posting relies on original research and reporting performed by New York magazine.