Veteran bookstore chain Barnes & Noble reverses its bad fate, to go public with a $4 billion valuation

Long-established bookstore chain brand Barnes & Noble (Barnes & Noble), after weathering the impact of rival Amazon and going through a private restructuring, is now finding its position again thanks to the TikTok book-lover community #BookTok. Its parent company, Elliott Investment Management, is currently preparing to go public with a valuation of $4 billion.

Barnes & Noble regains the value of books

A turning point in Barnes & Noble’s fate came in 2019. After CEO James Daunt took office, he decisively abandoned the old habit of headquarters issuing centralized directives, and instead had store managers lead the book selection, so that each bookstore could be closer to local readers’ tastes. This change repaired the brand image that had previously lost focus due to selling too many toys and general merchandise. By cutting back on displays unrelated to reading and incorporating stationery selections from Paper Source, Barnes & Noble successfully returned to its professional core, turning the bookstore into a sensory experience space that no digital algorithm can replace.

An unexpected boost from TikTok #BookTok

Although Amazon has an extremely high share in the book market, social platforms unexpectedly favored Barnes & Noble, providing a boost to bookstore sales. The content under the #BookTok hashtag on TikTok has accumulated more than 370 billion views globally, turning buying books into a community activity full of a sense of participation. A survey shows that among digitally native young people (ages 16 to 24), about 70% of readers prefer the tactile feel of paper books. Barnes & Noble successfully attracts young readers who care about identity and inner experiences by showcasing book selections recommended by local staff, running podcasts, and turning its stores into community spaces filled with the smell of coffee and books—making the bookstore a lively gathering place with youthful energy.

Active expansion at the stores to support the IPO plan

With support from Elliott Advisory, Barnes & Noble has shown strong expansion momentum. Barnes and Noble opened about 30 new stores in 2023. In 2024 and 2025, it respectively added more than 60 stores each. It is expected to maintain the same expansion pace in 2026. Sources say that Barnes & Noble and Waterstones merged last year, with combined sales of about $3 billion and profits of $400 million. It has already selected a partner bank and plans to hold its first public offering (IPO) in the second half of 2026 in New York or London.

Despite Barnes & Noble’s success in surviving competition from Amazon—and even taking over some of Amazon’s physical store locations that shut down—re-listing still faces challenges. The capital market’s strict requirements for quarterly growth may create friction with the current operating philosophy that emphasizes “local independence.” However, Daunt believes that Amazon’s rise instead accelerates the transformation of physical bookstores, making book lovers even more united in supporting the local culture they love. At present, Barnes & Noble focuses on cultivating a market of highly loyal heavy readers, and by strengthening the humanistic experience unique to physical bookstores, it proves that in the age of automation, a retail model with warmth still has strong commercial value and profit potential.

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