The split is expected to be complete by the end of the first quarter of the next calendar year

Barnes & Noble has been given the green light to split in two as its NOOK hardware business continues to suffer.
According to Barnes & Noble, its board has authorized the division of the company's retail and NOOK businesses. Both will become two separate, public companies. 
“Our fiscal 2014 results and solid financial position at year-end reflect the positive impact of those actions.  We believe we are now in a better position to begin in earnest those steps necessary to accomplish a separation of NOOK Media and Barnes & Noble Retail," said Michael P. Huseby, Chief Executive Officer of Barnes & Noble.

"We have determined that these businesses will have the best chance of optimizing shareholder value if they are capitalized and operated separately. We fully expect that our Retail and NOOK Media businesses will continue to have long-term, successful business relationships with each other after separation.”
The split is expected to be complete by the end of the first quarter of the next calendar year. 
Barnes & Noble has been struggling with NOOK sales in the hardware space as bigger players like Amazon continue to dominate the e-reader sector with its Kindle line. 
Barnes & Noble recently teamed up with Samsung to develop the Galaxy Tab 4 Nook tablet, which comes preloaded with Nook software. The tablets are available directly from Barnes & Noble’s retail and online stores.

Source: Barnes & Noble

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