Barnes & Noble will acquire Little Free Library, the nonprofit organization with a global network of volunteer-led book-exchange boxes. As part of the deal, B&N plans to split the organization into two distinct divisions. One will continue the nonprofit's current efforts, while the other, under the banner LFL 2.0, is going to be a for-profit operation establishing proprietary book-vending machines in what the corporation describes as "underserved suburban neighborhoods." LFL 2.0 vending machines will feature bestselling paperbacks and a small selection of "staff picks" from booksellers at the nearest B&N in the area.
"We are very pleased to be partnering with our friends at Little Free Library in this win-win for both parties," said James Daunt, CEO of Barnes & Noble. "Our company is enjoying a period of tremendous growth, with strong sales in our existing stores and many new stores opening nationwide. LFL 2.0 is the perfect value-added complement to these efforts. We look forward to welcoming customers to this great new option, a taste of Barnes & Noble for your neighborhood."
Daunt added that the LFL acquisition will also add value to the upcoming planned IPO that B&N and Waterstones owner Elliott Management is preparing for later this year.