Elliott studies an IPO for Barnes & Noble and Waterstones in 2026: what could change for bookstores and the book market
Elliott Investment Management, owner of Barnes & Noble (USA) and Waterstones (UK), is preparing for a potential IPO in 2026, with London or New York as likely markets. The operation, for which no final decision has been made, would put the major bookstore chains on the public market's radar.
December 19th 2025
What happened
Several financial media outlets reported that Elliott is exploring an initial public offering (IPO) for Barnes & Noble and Waterstones , with a target date of 2026. According to the reports, the fund is already in discussions with potential advisors and could appoint investment banks as early as 2026. Reuters, citing the Financial Times , indicates that London appears to be the preferred location (although New York is also under consideration) and that the plan is not yet finalized . The Wall Street Journal suggests the second half of 2026 as a possible timeframe.
The news comes after several years of restructuring under the leadership of bookseller James Daunt , who runs both chains and has promoted a model of greater autonomy per store, combined with selective expansion.
Why does it matter
An IPO is not just a financial headline: it can affect the book ecosystem on four fronts:
- Growth strategy and pressure for results
Going public typically increases the pressure to meet quarterly metrics. This can translate into greater expansion and efficiency… or into tensions between profitability and the “bookseller experience.” - Relationship with publishers and authors
The major chains negotiate key conditions (display, returns, volume purchases). If the group opens up to investors, commercial priorities and catalog strategies could change. - Employment and store culture
The “more local” model that Daunt has championed was seen as a departure from the uniformity-driven approach of large chains. An IPO could solidify that approach… or push for further standardization. - Signal for cultural retail
If the IPO materializes and is successful, it would be a strong signal: physical bookstores can continue to be a valuable business, even with competition from digital platforms.
Quick context
Elliott bought Waterstones in 2018 and acquired Barnes & Noble in 2019 (when both were facing difficulties). Recent reports paint a different picture: chains with stabilized operations, ongoing expansion, and an attractive narrative for investors (relatively stable cash flow and a strong brand culture).
In the UK, a potential listing in London would also be seen as a boost to an IPO market that has been seeking to regain momentum, according to the Financial Times and Reuters.
Quick keys
- What is evaluated: IPO of Barnes & Noble and Waterstones.
- When: 2026 (possible second half, according to WSJ).
- Where: London or New York (with London being the favorite in some reports).
- State: There is no final decision; advisory banks could be appointed in 2026.
- Why it's relevant: It can impact expansion, business strategy and the role of bookstores as "cultural retail".
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Jude Jacques is a poet, writer, and playwright with a strong background in business management. He teaches electricity at the Don Bosco Salesian Technical School, where he has over 15 years of experience training future electrical professionals. His work combines the humanistic perspective of the arts with the rigor of technical education, bringing a unique perspective both in the classroom and in his creative projects.