Leonard S. Riggio (born February 28, 1941)
''

Business Week ''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...

''. June 29, 1998. Retrieved August 17, 2009. is a retired American

businessman A businessperson, businessman, or businesswoman is an individual who has founded, owns, or holds shares in (including as an angel investor) a private-sector company. A businessperson undertakes activities (commercial or industrial) for th ...

and

entrepreneur Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values th ...

. He served as executive chairman of

book store A book is a medium for recording information in the form of writing or images, typically composed of many pages (made of papyrus, parchment, vellum, or paper) bound together and protected by a cover. The technical term for this physical arra ...

chain

Barnes & Noble Barnes & Noble Booksellers is an American bookseller. It is a Fortune 1000 company and the bookseller with the largest number of retail outlets in the United States. As of July 7, 2020, the company operates 614 retail stores across all 50 U. ...

and was its largest shareholder from 1971 until the sale of the company to the hedge fund Elliott Advisors in 2019. Under his leadership the company expanded significantly from a single retail location on 105 Fifth Avenue, New York to a nationwide chain with 600+ stores, which it did with acquisitions and mergers of competing chain stores.

Early life and education

Born in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, Riggio attended

Brooklyn Technical High School Brooklyn Technical High School, commonly called Brooklyn Tech and administratively designated High School 430, is an elite public high school in New York City that specializes in science, technology, engineering, and mathematics. It is one of th ...

, graduating in 1958, followed by evening classes at

New York University New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then-Secretary of the Treasury Albert Gallatin. In 1832, the ...

. His father, Steve Riggio, was a professional boxer who twice defeated

Rocky Graziano Thomas Rocco Barbella (January 1, 1919 – May 22, 1990), better known as Rocky Graziano, was an American professional boxer and actor who held the World Middleweight title. Graziano is considered one of the greatest knockout artists in boxing hi ...

."Record: Steve Riggio"
''BOXREC'' His brother, Steve Riggio, was CEO of the Barnes & Noble chain of bookstores until his replacement by William Lynch in 2010.

Career

While at New York University, Riggio founded the Student Book Exchange in 1965 and turned this small book store 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. 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. Riggio launched barnesandnoble.com to compete with

Amazon.com Amazon.com, Inc. ( ) is an American multinational technology company focusing on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. It has been referred to as "one of the most influential economi ...

for online book sales and launched a successful video game retail operation, which grew to become

GameStop GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas (a suburb of Dallas), and is the largest video game retailer worldwide. , the company operates 4,5 ...

. By the end of the 20th century, Riggio had built Barnes & Noble into the world's largest bookseller. Since 1985 Riggio has been Chairman of the Board and 49% owner of MBS Textbook Exchange, Inc. based in Columbia,

Missouri Missouri is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Ranking List of U.S. states and territories by area, 21st in land area, it is bordered by eight states (tied for the most with Tennessee ...

. MBS is one of the nation's largest wholesalers of college textbooks.

Awards

Riggio's awards include the Americanism Award from the

Anti-Defamation League The Anti-Defamation League (ADL), formerly known as the Anti-Defamation League of B'nai B'rith, is an international Jewish non-governmental organization based in the United States specializing in civil rights law. It was founded in late Septe ...

in November 2000. This award is the ADL's highest honor.

Thoroughbred racing

Through his '' nom de course'' My Meadowview Farm, Leonard Riggio bred and raced horses for

Thoroughbred racing Thoroughbred racing is a sport and industry involving the racing of Thoroughbred horses. It is governed by different national bodies. There are two forms of the sport – flat racing and jump racing, the latter known as National Hunt racing i ...

. Among his successes, his colt Samraat won the

Damon Runyon Alfred Damon Runyon (October 4, 1880 – December 10, 1946) was an American newspaperman and short-story writer. He was best known for his short stories celebrating the world of Broadway in New York City that grew out of the Prohibition era. To ...

, Gotham and

Withers Stakes The Withers Stakes is a Graded stakes race, Grade III American Thoroughbred horse race for three years old horses over the distance of miles on the dirt scheduled annually in February at Aqueduct Racetrack in Queens, New York (state), New York. T ...

Philanthropy

Riggio is the benefactor of many community organizations and charities, including New York University and the Dia:Beacon art museum in

Beacon A beacon is an intentionally conspicuous device designed to attract attention to a specific location. A common example is the lighthouse, which draws attention to a fixed point that can be used to navigate around obstacles or into port. More mode ...

, New York. He also established Project Home Again to assist residents of

New Orleans New Orleans ( , ,New Orleans
Merriam-Webster. ; french: La Nouvelle-Orléans , es, Nuev ...

Louisiana Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is borde ...

, who were affected by

Hurricane Katrina Hurricane Katrina was a destructive Category 5 Atlantic hurricane that caused over 1,800 fatalities and $125 billion in damage in late August 2005, especially in the city of New Orleans and the surrounding areas. It was at the time the cost ...

in 2005.Project Home Again website
/ref> 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 Mitchell Joseph Landrieu ( ; born August 16, 1960) is an American lawyer and politician who served as Mayor of New Orleans from 2010 to 2018. A member of the Democratic Party, he previously served as Lieutenant Governor of Louisiana from 2004 to ...

awarded the Riggios keys to the City of New Orleans at a City Council meeting.Moran, Kate (February 27, 2008)
"Barnes & Noble Chairman Follows His Heart, Opens His Wallet"
''

The Times-Picayune ''The Times-Picayune/The New Orleans Advocate'' is an American newspaper published in New Orleans, Louisiana, since January 25, 1837. The current publication is the result of the 2019 acquisition of ''The Times-Picayune'' (itself a result of th ...

''. Retrieved August 21, 2013.

Early life and education

Career

Awards

Thoroughbred racing

Philanthropy

References

Further reading