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Leonard Riggio

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Leonard Riggio
Riggio in his high school yearbook in 1958
Born(1941-02-28)February 28, 1941
New York City, U.S.
DiedAugust 27, 2024(2024-08-27) (aged 83)
New York City, U.S.
OccupationBusinessman
Known forExecutive chairman, Barnes & Noble
SpouseLouise Gebbia (second marriage)
Children3
Barnes & Noble's former flagship store at 105 Fifth Avenue in Manhattan, New York operated from 1932 to 2014

Leonard Stephen Riggio (February 28, 1941 – August 27, 2024) was an American businessman. He served as executive chairman of book store chain Barnes & Noble and was its largest shareholder from 1971[1] until the sale of the company to the hedge fund Elliott Investment Management in 2019.[2][3] Under his leadership the company expanded significantly from a single retail location on 105 Fifth Avenue in New York City to a nationwide chain with 600+ stores, which it did with acquisitions and mergers of competing chain stores including his takeover of B. Dalton in 1986, which was supported by a major investment from the Dutch retailer Vendex International and Drexel Burnham Lambert–issued junk bonds.[4]

Early life and education

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Leonard Stephen Riggio was born in New York City on February 28, 1941.[5][6][7][a] He attended Brooklyn Technical High School, graduating in 1958, followed by evening classes at New York University.[5][6] His father, Steve Riggio, was a professional boxer who twice defeated Rocky Graziano.[5][9]

His brother, Steve Riggio, was CEO of the Barnes & Noble chain of bookstores from 2002[10][11] until his replacement by William Lynch in 2010.[12]

Career

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While at New York University, Riggio founded the Student Book Exchange in 1965 and turned this small bookstore into a leading retailer. He acquired the Barnes & Noble bookstore in New York City in 1971 and adopted its name for his expanding company. He acquired hundreds of bookstores through the years and launched the Barnes & Noble superstore concept with an in-store coffee shop and spacious reading alcoves.[13] In 1986, Riggio used junk bonds issued by Drexel Burnham Lambert and a major investment from the Dutch retailer Vendex International to buy B. Dalton; the acquisition made Barnes & Noble the biggest bookseller in the United States.[4]

Riggio is recognized as being among the first entrepreneurs who turned the elitist world of bookstores into recreational stores. In 1997, Barnes & Noble had 483 superstores, 528 mall-based B. Daltons, and sales went up to $2.8 billion. The company went public in 1993.[4] Riggio launched barnesandnoble.com to compete with Amazon.com for online book sales and launched a successful video game retail operation, which grew to become GameStop. By the end of the 20th century, Riggio had built Barnes & Noble into the world's largest bookseller.[14]

From 1985, Riggio was Chairman of the Board and majority owner of MBS Textbook Exchange, Inc. based in Columbia, Missouri.[15] As of 2024 at the time of his death, MBS was one of the nation's largest wholesalers of college textbooks.[16]

Thoroughbred racing

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Through his nom de course My Meadowview Farm, Leonard Riggio bred and raced horses for Thoroughbred racing. Among his successes, his colt Samraat won the Damon Runyon, Gotham, and Withers Stakes.[17][18]

Philanthropy

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Riggio was the benefactor of many community organizations and charities, including New York University and the Dia:Beacon art museum in Beacon, New York.[19] Meanwhile as an art collector he assembled a notable collection specializing in Minimalist art.[20] At one time he was listed as one of the top 200 art collectors in the world by ARTnews and the significant works in his holdings included Richard Serra's massive sculpture Sidewinder (1999), Willem de Kooning's bronze sculpture Seated Woman (1969–81), and Mark di Suvero's Caramba (1984–90).[21]

He also established Project Home Again to assist residents of New Orleans, Louisiana, who were affected by Hurricane Katrina in 2005.[22] Project Home Again will spend $20 million from the Riggio Foundation to build new homes in the Gentilly neighborhood of New Orleans. The pilot phase involves building 20 new homes on St. Bernard Avenue. On November 10, 2011, the program cut the ribbon on its 101st home. In addition to rebuilding the homes, the Riggios, through a partnership with Rooms to Go, also furnished the homes. On November 24, 2012, New Orleans Mayor Mitch Landrieu awarded the Riggios keys to the City of New Orleans at a City Council meeting.[19]

Personal life and death

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Riggio was married twice and had three children. His first marriage ended in divorce; his second wife was named Louise Gebbia.[23] He owned residences on Park Avenue in Manhattan, in Bridgehampton, New York, and in Palm Beach, Florida.[23] He was active in Democratic Party politics, and served as head of campaign finance for David Dinkins's unsuccessful re-election bid as mayor of New York City in 1993.[23]

Riggio died from complications of Alzheimer's disease in Manhattan on August 27, 2024, at the age of 83.[13][24]

Awards

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Riggio's awards included the Americanism Award from the Anti-Defamation League in November 2000.[6] This award is the ADL's highest honor.[13]

See also

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Notes

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  1. ^ N.B. Some sources document Riggio being born in Little Italy in New York City and growing up in Bensonhurst, Brooklyn. Cf. Kirkpatrick (1999) New York magazine, inter alia. Other sources such as Reuters document him as having been born in the Bronx, New York.[7][8]

References

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  1. ^ Trachtenberg, Jeffrey A. (February 19, 2010). "Barnes & Noble Won't Let Burkle Raise Stakes – Board's Unanimous Decision to Bar Activist Investor from Holding 37% of Bookseller's Shares Could Lead to Proxy Fight". The Wall Street Journal. Archived from the original on August 28, 2024. Retrieved August 21, 2013.
  2. ^ "Barnes & Noble Founder Retires, Leaving His Imprint on Bookstore's History". NPR.org. May 7, 2016. Archived from the original on August 28, 2024. Retrieved February 26, 2020.
  3. ^ Alter, Alexandra; Hsu, Tiffany (June 7, 2019). "Barnes & Noble is Sold to Hedge Fund After a Tumultuous Year". The New York Times. Archived from the original on June 7, 2019. Retrieved February 26, 2020.
  4. ^ a b c Dugan, Jeanne (June 29, 1998). "The Baron of Books: Barnes & Noble's Leonard Riggio says his megastores have 'liberated' a hidebound industry. If smaller rivals perish, so be it". Business Week. Archived from the original on May 4, 1999. Retrieved August 17, 2009.
  5. ^ a b c Kirkpatrick, David D. (July 19, 1999). "Barnes & Noble's Jekyll and Hyde". New York magazine. Archived from the original on January 30, 2020. Retrieved April 19, 2014.
  6. ^ a b c "Profile: Leonard S. Riggio". Business Week. June 29, 1998. Archived from the original on May 4, 1999. Retrieved August 17, 2009.
  7. ^ a b Green, Penelope (August 30, 2024). "Leonard Riggio, 83, Dies; Founded Barnes & Noble and Upended Publishing". The New York Times. Retrieved August 31, 2024.
  8. ^ Hu, Winnie (October 22, 2014). "Barnes & Noble to Leave the Bronx After 15 Years". The New York Times. Retrieved September 1, 2024.
  9. ^ "Record: Steve Riggio". BOXREC. Archived from the original on April 20, 2014. Retrieved April 19, 2014.
  10. ^ Kirkpatrick, David (February 13, 2002). "Founder of Barnes & Noble to Step Down as Chief Executive". New York Times. Archived from the original on August 28, 2024. Retrieved February 5, 2024.
  11. ^ "EX-10.5: EMPLOYMENT AGREEMENT WITH STEPHEN RIGGIO". www.sec.gov. Archived from the original on August 28, 2024. Retrieved February 5, 2024.
  12. ^ "Barnes & Noble Web Head to Become CEO". CNBC. AP. March 18, 2010.
  13. ^ a b c Italie, Hillel (August 27, 2024). "Leonard Riggio, who forged a bookselling empire at Barnes & Noble, dead at 83". Associated Press. Archived from the original on August 28, 2024. Retrieved August 27, 2024.
  14. ^ Milliot, Jim. "Len Riggio, Trailblazing Bookselling Giant, Dies at 83". PublishersWeekly.com. Archived from the original on August 28, 2024.
  15. ^ Jodie Jackson Jr (March 10, 2017). "LOCAL ROOTS: MBS Textbook Exchange grew from a simple beginning". Columbia Daily Tribune. Archived from the original on August 28, 2024. Retrieved August 28, 2024.
  16. ^ Snow, Maia. "Barnes and Noble founder Leonard Riggio dies aged 83". The Bookseller. Archived from the original on August 28, 2024.
  17. ^ Rees, Jennie (April 2, 2014). "Samraat steps up in Wood Memorial". The Courier-Journal. Archived from the original on August 28, 2024. Retrieved August 28, 2024.
  18. ^ Admin, NYTB (December 18, 2013). "Damon Runyon is all about Samraat". New York Thoroughbred Breeders, Inc. News. Archived from the original on March 21, 2016. Retrieved August 28, 2024.
  19. ^ a b Moran, Kate (February 27, 2008). "Barnes & Noble Chairman Follows His Heart, Opens His Wallet". The Times-Picayune. Archived from the original on February 29, 2008. Retrieved August 21, 2013.
  20. ^ "Leonard Riggio, Barnes & Noble Founder Who Amassed a Major Art Collection, Dies at 83". August 27, 2024. Archived from the original on August 29, 2024. Retrieved August 28, 2024.
  21. ^ "Louise and Leonard Riggio". September 10, 2017. Archived from the original on August 28, 2024. Retrieved August 29, 2024.
  22. ^ "Project Home Again | Helping New Orleanians with Garage Doors". www.projecthomeagain.net. Archived from the original on March 6, 2016. Retrieved February 27, 2008.
  23. ^ a b c Green, Penelope (August 31, 2024). "Leonard Riggio, 83, Dies; Turned Barnes & Noble Into Behemoth". The New York Times. p. A1. Retrieved September 2, 2024.
  24. ^ Smith, Harrison (August 28, 2024). "Leonard Riggio, who built Barnes & Noble into a juggernaut, dies at 83". Washington Post. Archived from the original on August 29, 2024. Retrieved August 29, 2024.

Further reading

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