A famous library dating back 174 years applied for bankruptcy and announced that it should close one of its stores.
However, the CEO of the series pledged to provide a glimmer of hope in the depression news.
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books a companyAn independent book seller in the San Francisco Bay area, announced on January 21 that he had submitted a request for bankruptcy under Chapter 11.
The company was forced to accept “voluntary contact for reorganization” after Kofid caused heavy financial damage to it.
It was also revealed that their store on Berkeley will close its doors on February 9.
“Books Inc. will close its store in Berkeley on February 9, with the expectation that some employees are expected to sites in the ten sites remaining the company across the eastern Gulf, the semi -island, San Francisco and San Francisco. Francisco International Airport. .
The statement continued: “Customers who have gift cards that have been purchased from Berkelyy Books Inc. will be able to use them in any other company's stores or online.”
However, in the midst of torment and depression, Andy was able to provide some reassurance to his loyal customers.
He announced: “The Book Company will not disappear.
“The Board of Directors, investors, senior managers and major partners agree that reorganization using the tools provided to us Chapter 11 is the fastest way to put our company on a smaller and stronger platform through which we can continue our long heritage in service. California Readers.
“Books Inc. to achieve long -term continuity will require some very difficult decisions that affect our employees and our commercial partners, and we intend to do everything we can to reduce these effects.
“The experience and dedication of our books and management sellers is the basis that we feel confident in our ability to transfer Books Inc. to their current position. the next A successful era. “
Speaking about the closure of the Berkeley store, the company's spokesman Stephen Silvraz told Birkley SID: “Berkeley's store was steadily weak in sales revenue since the epidemic.”
LandLord Rue-Enter Enterprises thought of reducing rent but decided that “due to the decrease in sales in the Berkeley store, the amount of reduction required to work profitable to move forward will be very big.”
“It is sad to go for sure. But it was a good march,” added the store, Schiller Baker,.
The retail seller, based in San Leandro, still has 10 stores across the Gulf region, including three in San Francisco and two at San Francisco International Airport.
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There are also stores in Alamida, San Leandro, Campbell, Mountain Avho Palo Alu.
All of these sites will continue to work despite the declaration of bankruptcy, provided that the court approves the restructuring plan.
Booksink.net will also continue trading and implementing requests as usual.
Silvrov told SF Standard that the first court session is scheduled for January 27.
Books Inc. A decrease in revenue from $ 20.9 million in 2019 to $ 11.3 million in 2020 – during the peak of the epidemic.
With the start of sales during the closures, it managed to reach $ 18.9 million in 2023, but it decreased again to $ 17.1 million in 2024.
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