Bookstore chains Barnes & Noble and Waterstones are closer to being part of an IPO, according to Bloomberg. Owner Elliott Management has invited investment banks to pitch for roles on an initial public offering in London of the book retailers. Sources indicate that a U.S. listing is still a possibility as well.
Barnes & Noble’s retail comeback is one of the most surprising turnarounds in the retail sector, as the chain defied predictions that physical bookstores were destined for extinction. Just 25 years ago, the company seemed headed for the same fate as Borders, Book World, BookPeople, WaldenBooks, and B. Dalton after closing locations due to the rise of Amazon (AMZN) and e-commerce book buying. While Barnes & Noble survived, for years the company cycled through CEOs and struggled to find its identity.
The turning point came in 2019 when Elliott Advisors acquired Barnes & Noble and brought in James Daunt. The chain reverted to its bookstore roots, and Daunt gave individual store managers unprecedented autonomy to curate their inventory based on local tastes. Barnes & Noble also became a more inviting space to relax or hold a small meeting during the same period that certain Starbucks (SBUX) and Panera (PANERA) started to resemble a mosh pit of pick-up orders. Barnes & Noble has also benefited from the BookTok phenomenon on TikTok (TIKTOK), as the social media movement made book buying feel participatory and social rather than solitary.
After bottoming out around 600 stores, Barnes & Noble opened approximately 30 new stores in 2023, 61 in 2024, and 67 in 2025. Notably, Waterstones is adding bookstores as well, with some of the same factors in play.