NEW YORK CITY (CNN) – The uphill battle with Amazon has forced Barnes & Noble to go private.
It’s being bought by private equity firm Elliott Management, which owns one of the largest booksellers in the United Kingdom.
The deal will be worth about $683 million.
Barnes & Noble is the nation’s largest bookstore chain with 627 stores in 50 states.
Its stock surged 30% Thursday with rumors of the potential sale.
However, its current share purchase price of $6.50 is a far cry from its peak of above $30 in 2006.