Remember how Barnes & Noble founder, chairman and stake holder Leonard Riggio was going to swoop in on wings made of cash and buy back the struggling chain, saving it from the doom met by Borders? That shining hope has fizzled, it appaars, as Riggio has taken back his offer to swoop, buyout and generally act as savior in general.

Riggio first proposed the idea back in February , which was revealed during a regulatory filing made by the company. It was thought that he’d only be interested in taking on the actual book business, and not the Nook Media division.

But according to CNNMoney, that idea is now kaput. In a new filing with the Securities and Exchange Commission today, Riggio says he believes “it is in the company’s best interests to focus on the business at hand.” Translation: Stop focusing on me because I can’t save you, and somehow turn this ship around.

It won’t be easy — its former CEO William Lynch just resigned in July after his strategy of focusing on the Nook didn’t pan out and sales struggled.

The company reportedly lost $87 million last quarter, more than twice the loss it reported in the same quarter a year prior. Overall sales fell 8.5% in that year and Nook revenue slid 20%.

Barnes & Noble tanks 16% as buyout bid fizzles [CNNMoney]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.