Report: Barnes & Noble Chairman Seeks To Buy Retail Stores

Barnes & Noble Inc. Chairman Leonard Riggio is seeking to buy the bookselling giant's retail assets, CNN Money reported.

Should the bid be approved, the sale would include the Bowie location.

According to the report, the bookstores have struggled as the popularity of e-readers increases. Holiday sales at the company's bookstores and websites dropped nearly 11 percent last year, according to the report.

Barnes & Noble said it has put together an independent committee to review the proposal and to oversee any negotiations, The LA Times reported.

The company in January said it would close some of its retail stores over the next 10 years.

The potential sale wouldn't include the division that oversees the Nook reader, according to The LA Times.