It’s been 100 years since J. C. Penney Company, Inc. (NYSE:JCP) said howdy to the great state of Texas, and the Company is fixin’ to celebrate its rich legacy in the Lone Star State. The Company will commemorate a century of serving Texas customers on March 31 with a special anniversary ceremony at its location in Wichita Falls – the same city founder James Cash Penney made his first foothold in the state 100 years ago.
Barnes & Noble, Inc. (NYSE: BKS), today announced the filing of a Registration Statement with the U.S. Securities and Exchange Commission in order to effect a separation of Barnes & Noble Education (which comprises the Barnes & Noble College business) from Barnes & Noble’s Retail and NOOK Digital businesses. The planned separation will, when consummated, create two independent, publicly traded companies. The separation is intended to be a tax-free distribution to Barnes & Noble shareholders and is anticipated to be completed by the end of August 2015, subject to customary conditions.
Barnes & Noble believes that the separation will allow each business to optimize its strategic opportunities. As more focused companies with differing potential growth profiles, capital needs and market dynamics, each company will benefit from strategic clarity and separate management and Board focus. The separation will also allow investors to assess each business more clearly as a stand-alone company.
“We have a talented College management team in place, led by CEO Max Roberts, and we will continue to invest and innovate to support the mission of our campus partners, expanding to new colleges and universities, students and faculty and increasing our presence in the growing market for digital educational content and services,” said Michael P. Huseby, Chief Executive Office of Barnes & Noble, Inc.
Mr. Huseby continued, “Separating Barnes & Noble Education will create an industry-leading, pure-play public company with more flexibility to pursue strategic opportunities in the growing educational services markets. At the same time, Barnes & Noble will be able to better capitalize on improving industry trends and merchandising initiatives within its core Retail business. Retail and the NOOK Digital Business will be able to leverage a more integrated technology infrastructure for improved efficiency and to better serve digital customers.”