Barnes & Noble reported an $87 million loss for last quarter. The stock is tanking pre-market, down about 14%. 

In the earnings announcement, the company's chairman and biggest shareholder Leonard Riggio said he'll no longer be making an offer to buy Barnes & Noble's retail business. The original plan was for Riggio to buy the retail business and keep the Nook tablet and e-reader business separate.

Meanwhile, things don't look good for the Nook business. Revenues for that segment were $153 million last quarter, down 20% from the same quarter a year ago. Barnes & Noble hasn't introduced a new Nook reader this summer as it has the past few summers, but it did drop the price of the backlit model to $99.

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