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174-Year-Old Books Inc. Files for Bankruptcy, CEO Promises Company is ‘Not Going Away’

Book Inc.'s Laurel Village location in San Francisco.
Book Inc.'s Laurel Village location in San Francisco. (Image courtesy Books Inc.)

Californian independent bookstore chain Books Inc. has filed for Chapter 11 bankruptcy, citing “steadily rising” operating costs and changing consumer habits as the reasons for its current financial difficulties. The storied San Francisco company has operated in the city for 174 years, since founder Anton Roman opened the first store on Montgomery Street in 1855. 

The company plans to continue normal operations at 10 of its 11 stores, as well as its website, throughout the reorganization process, with CEO Andy Perham promising that “Books Inc. is not going away. Our board, investors, senior managers and key partners agree that reorganizing with the tools afforded us by Chapter 11 is the fastest path toward putting our company on a smaller, financially stronger platform from which we can continue our long legacy of serving California readers,” he said in a statement.

The current reorganization plan does include the closure of one store in Berkeley, which will be shuttered on Feb. 9, with some staff expected to be transferred to the remaining 10 locations. Further store consolidation is likely in the cards, pending court approval of the company’s reorganization plan. Books Inc.’s Frequent Reader Program and related benefits also will continue uninterrupted throughout the Chapter 11 process.

“Restructuring Books Inc. for long-term viability will require we make some very difficult decisions that affect our people and business partners, and we intend to do everything we can to minimize these impacts,” said Perham. “The experience and dedication of our booksellers and management is the foundation on which we feel confident in our ability to transition Books Inc. to its next successful era.”  

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He concluded his statement with an appeal to the chain’s customers, saying that “the best thing that people can do to help Books Inc. quickly get through this challenging time is to come in the store and buy books or order from us online. Our booksellers will continue to do their very best to provide readers with a vibrant, enriching and fun experience.” 

This marks the second time in its nearly two-century history that Books Inc. has filed for bankruptcy. The company also filed for Chapter 11 in 1996 as the it struggled to compete with the rise of national book chains. Books Inc. emerged from that bankruptcy one year later in 1997 and used the opportunity to modernize its internal systems for the computer age.

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