California-based Books Inc., which filed for Chapter 11 bankruptcy back in January, is now seeking bankruptcy court approval to be bought by Barnes & Noble for $3.25 million, according to a press release from the bookseller.
Barnes & Noble confirmed that Books Inc. would continue to operate nine locations if the acquisition is approved this fall, according to the release.
The 174-year-old Books Inc., the Bay Area's oldest independent bookstore chain, filed for bankruptcy earlier this year, citing rising operating costs and “changing consumer buying habits exacerbated by the COVID pandemic.”
“This agreement will ensure that Book Inc.’s legacy will continue for the foreseeable future,” Books Inc. CEO Andy Perham said. “With Barnes & Noble’s deep resources and world-class support, Books Inc. will be able to quickly modernize its operations so we can focus on what we do best: connecting people with books, ideas, and each other.”
The proposed Books Inc. acquisition adds to Barnes & Noble’s expansion strategy in recent years. According to the company, back in 2024, it bought the Denver-based Tattered Cover Book Store, which had also filed for Chapter 11 bankruptcy protection.
