"Barnes & Noble Booksellers, a retailer that itself has closed some stores, has emerged as the sole candidate to buy Books Inc., according to documents on file with the U.S. Bankruptcy Court. Barnes & Noble agreed to pay $3.25 million, according to a letter of intent dated July 7. The potential purchase appears to be an all-or-nothing gambit to survive, a court filing by Books Inc. Chief Executive Officer Andrew Perham indicates. Books Inc. filed for bankruptcy in January."
""If the proposed sale is approved, it will pay the debtor's secured, administrative, and priority claimants in full and will provide for a meaningful distribution to unsecured creditors," Perham stated in court papers posted on Sept. 3. "Without court approval of the proposed sale, the debtor would likely need to shut its doors and begin a wind-down process." Books Inc. has scouted widely for buyers but with minimal success."
Barnes & Noble submitted a $3.25 million letter of intent to purchase Books Inc., proposing an all-or-nothing sale that would fully pay secured, administrative, and priority claimants and provide a distribution to unsecured creditors. Without court approval of the sale, Books Inc. would likely need to close stores and begin a wind-down. Books Inc. filed for bankruptcy in January and has received no other firm offers despite continued solicitation. The company traces its origins to 1851, has used its current name since 1946, and operates 10 Bay Area retail locations, including two at San Francisco International Airport. Financial troubles stem largely from COVID-19-related sales declines.
Read at The Mercury News
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