The 52-year-old bookstore will close three locations by November, the company’s chief executive officer, Brad Dempsey, said in an interview Monday: The McGregor Square store across from Coors…
A boy reaches for a book on the top shelf in the children’s section of the Tattered Cover Book Store on Colfax Avenue in Denver on June 11, 2016. The Tattered Cover on Monday filed for Chapter 11 bankruptcy protection, a somber financial admission for one of America’s most beloved independent book chains.
“This structure of seven stores is not sustainable,” said Dempsey, a Denver bankruptcy attorney. “It’s very difficult to be profitable without a substantial amount of additional capital that investors were not willing to provide right now.” “Our employees are part of what makes Tattered Cover special,” Dempsey said. “It’s really hard to do this. These people are dedicated booksellers; they are community builders; they’re terrific people. I wish we didn’t have to make this decision, but it’s in the best interest of the company.”
Tattered Cover remains on a credit hold with most publishers, Dempsey said. This month, the CEO flew to New York to meet with senior management at the five major publishing houses to negotiate terms. Their advice: Close stores and focus on quality over quantity, he said.She purchased the bookstore in 1974 using a small loan from her uncle, inheriting a 950-square-foot bookstore in Cherry Creek.
This left the company with two options, the chief executive said: dramatically cut costs or try to expand in order to increase revenue.
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