One investor wants Barnes & Noble to embark on a new chapter — with a new owner.

Activist investor Sandell Asset Management issued a letter to Barnes & Noble’s board of directors on Tuesday, urging the company to sell itself. The firm believes a sale would not only improve the value of the brand, but protect itself against a volatile marketplace that continues to take a toll on sales.

“Company’s stakeholders would be better served if Barnes & Noble were operated as a private company or as a division within a larger company, which would allow management to focus 100% of its attention on the company’s underlying operations,” the letter said. “To wit, it is our belief that Barnes & Noble should be owned by an organization with both the vision and stability of capital that investors in the public market generally cannot provide.”

Sandell recently started buying a stake…