With the world’s biggest bookstore chain Barnes & Noble (B&N) Tuesday revealing that it was evaluating strategic alternatives, including a likely sale, industry watchers opine that the company’s unceasing plunge in sales and dwindling cash flow might be reasons enough for new financial partners stay away.

Going by a Reuters’ report citing unnamed sources familiar with the proceedings at B&N, though the company’s founder and leading shareholder Leonard Riggio - whose family has run the bookstore chain as its business declined - wants partners for a bid, he has still to get any backers for a prospective deal.

Sources have also told Reuters that a few private equity firms – including Bain Capital, Apollo Management LP, and TPG Capital LP – have shown interest in taking a look at the bookseller. However, there has still been no elaboration on how the interests of these firms could be reconciled with Riggio’s 29.9 percent stake.

In addition, the current B&N scenario appears all the more complicated since billionaire investor Ron Burkle, who holds over 19 percent of the company, has mentioned in regulatory filings and a lawsuit that, in his opinion, B&N has been mismanaged.

Commenting on the situation, Standard & Poor’s Michael Souers remarked: “I don't think there is going to be whole lot of interest aside from perhaps Burkle or Riggio. It could be the two of them bidding against each other. Riggio is too attached to this business to want to sell out.”