The bookstore chain of US, Barnes & Noble has seen a loss in the three months between the months of April to June because of the legal costs which were incurred in a dispute with its major shareholders.
The bookstore chain has reported a net loss of 63 million dollars in the second quarter of the year compared to a profit of 12 million dollars in the same time period of a year before.
Almost 10 million dollars loss came because of the company's battle with its billionaire investor Ron Burkle. Mr. Ron Burkle wanted to take a controlling stake of the bookstore chain Barnes & Noble. Earlier in this year the company has announced that it may be put up for a sale.
The company saw a loss because of the big rise in administrative expenses despite of a rise of 20% in its revenue to 1.4 billion dollars.
The Barnes & Noble has cut its annual profit forecast because of the legal costs in the battle with its investor Mr. Ron Burkle. The company also hit by the economic downturn as people looked for the discount bookstores.