Leonard Riggio

Leonard Riggio
Leonard Riggio
Born	Template:Birth date; New York City, U.S.
Died	August 27, 2024 (aged 83); Manhattan, New York City, U.S.
Occupation(s)	Entrepreneur, executive chairman
Known for	Executive chairman of Barnes & Noble

Leonard Stephen Riggio (February 28, 1941 – August 27, 2024) was a prominent American entrepreneur and served as the executive chairman of Barnes & Noble. He remained the company's principal shareholder from 1971 until its acquisition by hedge fund Elliott Investment Management in 2019. Under Riggio’s guidance, Barnes & Noble evolved from a single bookstore located at 105 Fifth Avenue in New York City into a national chain exceeding 600 outlets. This expansion included key acquisitions such as the 1986 purchase of rival B. Dalton, which was funded through investments from Dutch retailer Vendex International alongside high-yield bonds issued by Drexel Burnham Lambert.

Early life and education

Born in New York City on February 28, 1941, Leonard Stephen Riggio graduated from Brooklyn Technical High School in 1958 and pursued evening studies at New York University. His father, Steve Riggio, was a professional boxer notable for defeating Rocky Graziano twice.

His brother, Steve Riggio, led the Barnes & Noble bookstore chain as CEO from 2002 until William Lynch took over in 2010.

Career

During his time at New York University, Riggio established the Student Book Exchange in 1965, which grew into a prominent retailer. In 1971, he purchased the Barnes & Noble bookstore in New York City and adopted its name for his expanding enterprise. Over subsequent years, he acquired numerous bookstores and introduced the Barnes & Noble superstore concept, which featured spacious reading areas and in-store coffee shops. In 1986, leveraging junk bonds from Drexel Burnham Lambert and capital from Dutch retailer Vendex International, Riggio acquired B. Dalton, positioning Barnes & Noble as the largest bookseller in the United States.

Riggio is recognized for redefining bookstores as leisure destinations. By 1997, Barnes & Noble operated 483 superstores alongside 528 mall-based B. Dalton locations, generating $2.8 billion in sales. The company went public in 1993. He also launched barnesandnoble.com to compete with Amazon.com and developed a video game retail division that eventually became GameStop. By the close of the twentieth century, Riggio had established Barnes & Noble as the world’s biggest bookselling company.

Starting in 1985, Riggio held the positions of Chairman and majority owner of MBS Textbook Exchange, Inc., headquartered in Columbia, Missouri. As of 2024, MBS ranked among the largest distributors of college textbooks nationwide.

Thoroughbred racing

Racing thoroughbreds under his nom de course My Meadowview Farm, Leonard Riggio bred and raced horses competitively. His colt Samraat achieved notable victories including the Damon Runyon, Gotham, and Withers Stakes.

Philanthropy

Riggio contributed to various institutions such as New York University and the Dia:Beacon art museum located in Beacon, New York. As an avid art collector specializing in Minimalist art, he was ranked among the world’s top 200 collectors by ARTnews. His collection included significant pieces like Richard Serra's Sidewinder (1999), Willem de Kooning's bronze Seated Woman (1969–81), and Mark di Suvero's Caramba (1984–90).

He established Project Home Again to support residents of New Orleans impacted by Hurricane Katrina, dedicating $20 million through the Riggio Foundation to construct new homes within the Gentilly neighborhood. The project commenced with twenty houses on St. Bernard Avenue and had reached its 101st home by November 2011. Collaborating with Rooms to Go, the Riggios also provided furnishings for these residences. In recognition of their efforts, New Orleans Mayor Mitch Landrieu presented them with keys to the City of New Orleans in 2012.

Personal life and death

Riggio was married on two occasions and fathered three children. His second spouse was Louise Gebbia. He maintained homes in Manhattan's Park Avenue, Bridgehampton in New York, and Palm Beach, Florida. Engaged in Democratic Party activities, he took charge of fundraising efforts during David Dinkins's 1993 campaign for re-election as mayor of New York City.

He passed away at the age of 83 in Manhattan on August 27, 2024, due to complications related to Alzheimer's disease.

Awards

In November 2000, Riggio was honored with the Americanism Award by the Anti-Defamation League, the highest accolade bestowed by the organization.