Books Inc. announced that it has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California and will be closing one of its stores in the coming days. If you are a customer of this store, we will tell you which location will be closing.
Why is Books Inc. closing a store?
In a statement, the company, with nearly 175 years of history, revealed it is turning to bankruptcy to reorganize its finances and continue operations, even if it means closing one of its stores.
According to court records, the company reported liabilities and assets between one and ten million dollars. Additionally, its ten largest creditors, including publishers and the California Department of Tax and Fee Administration, hold a combined debt of nearly three million dollars.
Books Inc. joins a list of retailers impacted by revenue losses due to the covid-19 pandemic and changes in consumer purchasing habits, which have led them to seek bankruptcy protection to face these challenges.
The company plans to use Chapter 11 protection to renegotiate its lease contracts and adjust them to current customer traffic and sales levels in its stores. If it cannot secure more favorable rental terms, it warned that it might close more locations to focus on those that remain profitable.
“Books Inc. is not going away. Our board of directors, investors, senior managers, and key partners all agree that reorganizing with the tools provided by Chapter 11 is the fastest way to position our company on a smaller, financially stronger platform from which we can continue our long legacy of serving California readers,” the company said in its statement.
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Which store will Books Inc. close?
The company plans to close its Berkeley location and relocate some of its staff to other stores. Meanwhile, the remaining branches will continue to operate while the company seeks court approval to further reduce its number of physical locations.
When will Books Inc. close its Berkeley store?
The closure is scheduled for February 9, 2025.
What is Books Inc.?
Books Inc. is the oldest independent bookstore in the western United States. Its origins date back to the California Gold Rush in 1851 when Anton Roman, a Central European immigrant who had amassed fortune in Shasta City, decided to venture into the book business and opened his first store.
The bookstore thrived for several years, but the decline of mining activities in the region forced Roman to relocate to San Francisco, where he opened a new store on Montgomery Street in 1855.
What is the Books Inc. rewards program?
If you frequently visit the store, you can join the Frequent Reader Program and enjoy exclusive benefits. You will get $5 off your next purchase and start accumulating points that can be redeemed for rewards in-store.
How many stores does Books Inc. have in the U.S.?
The retail chain operates an online store and 11 physical locations, mostly in the San Francisco area. Additionally, it has a team of approximately 122 employees spread across its stores, warehouse, and corporate office.
What is the largest bookstore in the U.S.?
Powell’s City of Books is the largest new and used bookstore in the world, spanning an entire block and featuring a catalog of around one million books. Located in the Pearl District in downtown Portland, this iconic bookstore has nine rooms identified by colors and more than 3,500 distinct sections. Its collection includes options for all tastes, showcasing an impressive variety of out-of-print and hard-to-find titles.
