Leonard Riggio

American businessman (1941–2024)

Leonard Riggio
Born(1941-02-28)February 28, 1941
New York City, New York, U.S.
DiedAugust 27, 2024(2024-08-27) (aged 83)
Known forExecutive chairman, Barnes & Noble
ParentSteve Riggio (father)[1]
Barnes & Noble's former flagship store at 105 Fifth Avenue in Manhattan, New York operated from 1932–2014

Leonard S. Riggio (February 28, 1941 – August 27, 2024) was an American businessman. He served as executive chairman of book store chain Barnes & Noble and was its largest shareholder from 1971[2] until the sale of the company to the hedge fund Elliott Advisors in 2019.[3][4] Under his leadership the company expanded significantly from a single retail location on 105 Fifth Avenue, New York to a nationwide chain with 600+ stores, which it did with acquisitions and mergers of competing chain stores including his takeover of B. Dalton in 1986 which was supported by a major investment from the Anton Dreesmann associated Dutch retailer Vendex International, which became part of Maxeda in 1999, and Drexel Burnham Lambert issued junk bonds.[5]

Early life and education

Riggio was born in New York City on February 28, 1941.[1][6][7] He attended Brooklyn Technical High School, graduating in 1958, followed by evening classes at New York University.[1][6] His father, Steve Riggio, was a professional boxer who twice defeated Rocky Graziano.[1][8]

His brother, Steve Riggio, was CEO of the Barnes & Noble chain of bookstores from 2002[9][10] until his replacement by William Lynch in 2010.

Career

While at New York University, Riggio founded the Student Book Exchange in 1965 and turned this small book store into a leading retailer. He acquired the Barnes & Noble bookstore in New York City in 1971 and adopted its name for his expanding company. He acquired hundreds of bookstores through the years and launched the Barnes & Noble superstore concept with an in-store coffee shop and spacious reading alcoves.[11]

Riggio is recognized as being among the first entrepreneurs who turned the elitist world of bookstores into recreational stores. In 1997, Barnes & Noble had 483 superstores, 528 mall-based B. Daltons, and sales went up to $2.8 billion. The company went public in 1993.[5]

Riggio launched barnesandnoble.com to compete with Amazon.com for online book sales and launched a successful video game retail operation, which grew to become GameStop. By the end of the 20th century, Riggio had built Barnes & Noble into the world's largest bookseller.[12]

From 1985, Riggio was Chairman of the Board and majority owner of MBS Textbook Exchange, Inc. based in Columbia, Missouri.[13] MBS is one of the nation's largest wholesalers of college textbooks.[14]

Thoroughbred racing

Through his nom de course My Meadowview Farm, Leonard Riggio bred and raced horses for Thoroughbred racing. Among his successes, his colt Samraat won the Damon Runyon, Gotham, and Withers Stakes.[15][16]

Philanthropy

Riggio was the benefactor of many community organizations and charities, including New York University and the Dia:Beacon art museum in Beacon, New York.[17] Meanwhile as an art collector he assembled a notable collection specializing in Minimalist art[18]. At one time he was listed as one of the top 200 art collectors in the world by ARTnews and thevsignifigant works in his holdings included Richard Serra's massive sculpture Sidewinder (1999), Willem de Kooning’s massive bronze sculpture Seated Woman (1969–81), and Mark di Suvero’s Caramba (1984–90). [19].

He also established Project Home Again to assist residents of New Orleans, Louisiana, who were affected by Hurricane Katrina in 2005.[20] Project Home Again will spend $20 million from the Riggio Foundation to build new homes in the Gentilly neighborhood of New Orleans. The pilot phase involves building 20 new homes on St. Bernard Avenue. On November 10, 2011, the program cut the ribbon on its 101st home. In addition to rebuilding the homes, the Riggios, through a partnership with Rooms to Go, also furnished the homes. On November 24, 2012, New Orleans Mayor Mitch Landrieu awarded the Riggios keys to the City of New Orleans at a City Council meeting.[17]

Personal life and death

Riggio was married twice and had three children. He died from complications of Alzheimer’s disease on August 27, 2024, at the age of 83.[11]

Awards

Riggio's awards included the Americanism Award from the Anti-Defamation League in November 2000.[6] This award is the ADL's highest honor.[11]

See also

References

  1. ^ a b c d Kirkpatrick, David D. (July 19, 1999). "Barnes & Noble's Jekyll and Hyde". New York magazine. Archived from the original on January 30, 2020. Retrieved April 19, 2014.
  2. ^ Trachtenberg, Jeffrey A. (February 19, 2010). "Barnes & Noble Won't Let Burkle Raise Stakes – Board's Unanimous Decision to Bar Activist Investor from Holding 37% of Bookseller's Shares Could Lead to Proxy Fight". The Wall Street Journal. Archived from the original on August 28, 2024. Retrieved August 21, 2013.
  3. ^ "Barnes & Noble Founder Retires, Leaving His Imprint on Bookstore's History". NPR.org. May 7, 2016. Archived from the original on August 28, 2024. Retrieved February 26, 2020.
  4. ^ Alter, Alexandra; Hsu, Tiffany (June 7, 2019). "Barnes & Noble is Sold to Hedge Fund After a Tumultuous Year". The New York Times. Archived from the original on June 7, 2019. Retrieved February 26, 2020.
  5. ^ a b Dugan, Jeanne (June 29, 1998). "The Baron of Books: Barnes & Noble's Leonard Riggio says his megastores have liberated a hidebound industry. If smaller rivals perish, so be it". Business Week. Archived from the original on May 4, 1999. Retrieved August 17, 2009.
  6. ^ a b c "Profile: Leonard S. Riggio". Business Week. June 29, 1998. Archived from the original on May 4, 1999. Retrieved August 17, 2009.
  7. ^ N.B. Some sources document Riggio being born in Little Italy in New York City and growing up in Bensonhurst, Brooklyn. Cf. Kirkpatrick (1999) New York magazine, inter alia. Other sources such as Reuters document him as having been born in the Bronx, New York.
  8. ^ "Record: Steve Riggio". BOXREC. Archived from the original on April 20, 2014. Retrieved April 19, 2014.
  9. ^ Kirkpatrick, David (February 13, 2002). "Founder of Barnes & Noble to Step Down as Chief Executive". New York Times. Archived from the original on August 28, 2024. Retrieved February 5, 2024.
  10. ^ "EX-10.5: EMPLOYMENT AGREEMENT WITH STEPHEN RIGGIO". www.sec.gov. Archived from the original on August 28, 2024. Retrieved February 5, 2024.
  11. ^ a b c Italie, Hillel (August 27, 2024). "Leonard Riggio, who forged a bookselling empire at Barnes & Noble, dead at 83". Associated Press. Archived from the original on August 28, 2024. Retrieved August 27, 2024.
  12. ^ Milliot |, Jim. "Len Riggio, Trailblazing Bookselling Giant, Dies at 83". PublishersWeekly.com. Archived from the original on August 28, 2024.{{cite web}}: CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  13. ^ Jodie Jackson Jr (March 10, 2017). "LOCAL ROOTS: MBS Textbook Exchange grew from a simple beginning". Columbia Daily Tribune. Archived from the original on August 28, 2024. Retrieved August 28, 2024.
  14. ^ Snow, Maia. "Barnes and Noble founder Leonard Riggio dies aged 83". The Bookseller. Archived from the original on August 28, 2024.
  15. ^ Rees, Jennie (April 2, 2014). "Samraat steps up in Wood Memorial". The Courier-Journal. Archived from the original on August 28, 2024. Retrieved August 28, 2024.
  16. ^ Admin, NYTB (December 18, 2013). "Damon Runyon is all about Samraat". New York Thoroughbred Breeders, Inc. News. Archived from the original on March 21, 2016. Retrieved August 28, 2024.
  17. ^ a b Moran, Kate (February 27, 2008). "Barnes & Noble Chairman Follows His Heart, Opens His Wallet". The Times-Picayune. Archived from the original on February 29, 2008. Retrieved August 21, 2013.
  18. ^ https://www.artnews.com/art-news/news/leonard-riggio-barnes-and-noble-founder-art-collector-dead-1234715895/
  19. ^ https://www.artnews.com/art-collectors/top-200-profiles/louise-and-leonard-riggio/
  20. ^ "Project Home Again | Helping New Orleanians with Garage Doors". www.projecthomeagain.net. Archived from the original on March 6, 2016. Retrieved February 27, 2008.

Further reading

  • Trachtenberg, Jeffrey A., "What's Barnes & Noble's Survival Plan? Former CEO Cuts Holding to 20%, but Says, 'The Story Isn't Written Yet'", The Wall Street Journal, April 18, 2014