Barnes & Noble’s retail CEO, Mitchell Klipper, has sold off a large portion of his stock in the company in the past few days, according to an SEC filing.
Klipper sold about 400,000 shares, roughly two-thirds of his total stock in the company, between August 22 and August 26, raising over $5.5 million.
Barnes & Noble announced in its earnings report last week that it had decided not to spin off the company’s struggling Nook division, and chairman Leonard Riggio said he is no longer pursuing a plan to take the retail stores private. According to the Wall Street Journal, “a company spokeswoman said on Monday that during the strategic review, senior management had been prevented from selling stock. The prohibition against stock sales was lifted last week” when Barnes & Noble released its earnings report.