Barnes & Noble expected to launch new Nook tablet on Nov. 7

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Book seller Barnes & Noble is expected to unveil a new tablet to compete with Amazon's Kindle line and Apple's iPad through a "very special announcement" at an event on Monday, Nov. 7.

The Nook maker sent out invitations for the event on Monday, as noted by The L.A. Times. The launch will take place at 10:00 AM Eastern in New York.

"Please join us for a very special announcement," the invite read, while also displaying the "N" logo for its line of Nook e-readers and tablets. The report noted that the event will probably see an update to the company's Nook Color tablet.

The Nook Color received a software update in April that enabled new apps beyond just reading, such as email, a web browser and games. Currently the e-reader is based on Google's Android mobile operating system.

Barnes & Noble released a new Nook black-and-white e-reader with a touchscreen e-ink display in May.

The company revealed earlier this year that it expects Nook and e-book sales to double during its fiscal year, which ends next April, to $1.8 billion. The Nook is currently the No. 2 e-reader behind only Amazon's Kindle.

The book seller is in the midst of fierce competition with Amazon and Apple for control of the tablet and e-reader market. Rival Amazon took the wraps of its much-anticipated Kindle Fire tablet and new e-reader models, in September.

Though some have pointed to the Kindle Fire's low $199 price as a threat to Apple, several analysts have dismissed the Fire as targeting a different market than the iPad. J.P. Morgan analyst Mark Moskowitz called claims that the Fire will quickly propel Amazon to become the No. 2 tablet maker as mere "noise."

The online retailer's strategy appears to be to sell its hardware at a low profit margin or a loss in hopes of making money off of content and special offers on the device. Even as Amazon is building "millions more" Kindle Fire units than originally expected, the company projected its fourth quarter earnings to fall to as much as a $200 million loss.

Kindle Fire

Recent rumors have suggested that Apple may seek to counter 7-inch devices such as the Amazon Kindle Fire and the Nook Color with a so-called "iPad mini" in 2012. Last month, one report claimed LG Display and AU Optronics are supplying Apple with 7.85-inch screens for the iPad.

Apple continues to be on a tear with the iPad, selling a record 11.12 million tablets during the most recent September quarter.