According to this short Wall Street Journal note:
The company is planning to split into companies, one with Nook and its college bookstores and another consisting of the retail stores and website, by the end of August (2015).
We'll have to wait to see if it actually happens this time. I, for one, am pulling for Barnes & Noble to pull off this thing because I pretty desperately want to see the chain survive for the long haul - I cannot imagine living without easy access to a large brick and mortar bookstore. I'm not a user of the Nook (having succumbed to the charms of a Kindle Fire for whatever e-book reading that I do), but if the Nook can save the rest of the chain, I will sing its praises here on Book Chase forever.