CNN (CNN) -- — The uphill battle with Amazon has forced Barnes and Noble to go private.
It's being bought by private equity firm, Elliott Management, which owns one of the largest booksellers in the United Kingdom.
The deal will be worth about $683 million.
Barnes & Noble is the nation's largest bookstore chain with 627 stores in 50 states.
Its stock surged 30% Thursday with rumors of the potential sale.
However, its current share purchase price of $6.50 is a far cry from its peak of above $30 in 2006.
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