Books Inc. is filing for Chapter 11 bankruptcy protection. The company took to its social media platform and a dedicated page on its website to reveal the details of its reorganization strategy, signifying an effort to maintain its operation across the Bay Area.
According to the Books Inc. announcement, which has served book enthusiasts for 174 years, this move was essential to secure a “stronger, more sustainable future.” The company conveyed gratitude and regret as it disclosed the closure of the Berkeley location, a heartfelt decision to improve the business’s financial stance. “After 174 years proudly serving Bay Area readers, we have filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code,” Books Inc. posted on social media, adding a note to Berkeley loyalists for their enduring support.
The bankruptcy strategy involves keeping eight other neighborhood stores and the company’s website in operation and reinforces an invitation to the wider reader community to assist by visiting in-store or online for their literary purchases. Despite the Berkeley store’s planned closure on February 9th, Books Inc. has assured that gift cards and the benefits of the Frequent Reader Program will continue unaffected at other locations.
Echoing such sentiments, Andy Perham, Chief Executive Officer since 2019, shared a resolute message in the wake of the filing, “Books Inc. is not going away,” he said, as mentioned in the statement on the Books Inc. website. Perham recognized the tough choices ahead, particularly those impacting staff and partners, as the company earnestly endeavors to realign itself for the next phase of its storied existence. He further expressed the importance of community support for Books Inc., emphasizing readers’ engagement with the stores would greatly aid their recovery process.
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