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5d ago

Barnes & Noble Affiliate Moves to Acquire Books Inc. in $3.25 Million Bankruptcy Sale

The proposed purchase would keep the 174-year-old chain operating under its name, with the bankruptcy court set to review the plan this fall.

Customers shop at Books Inc., one of the more popular stores in the Laurel Village shopping district, in San Francisco on July 11, 2019. The Bay Area’s oldest independent bookstore is seeking bankruptcy court approval to be acquired by Barnes & Noble for $3.25 million, a deal that would allow the 174-year-old chain to continue operating under its name.
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Books Inc. store at 317 Castro Street in Mountain View. (Google Maps)
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Overview

  • Books Inc. asked the U.S. Bankruptcy Court in Northern California to approve a $3.25 million asset sale to BI Acquisition Co., an affiliate of Barnes & Noble.
  • The company says seven neighborhood stores and two San Francisco International Airport locations would continue to operate under the Books Inc. brand.
  • Nine of the chain’s 10 sites would remain open, with a small San Leandro store plus the warehouse and office not continuing, according to a company spokesperson.
  • Books Inc. will have loyalty points and gift cards honored at Barnes & Noble, and leadership cites rising rents, payroll costs, and pandemic-era buying shifts for its financial strain.
  • CEO Andy Perham told the court that only Barnes & Noble presented a viable bid after a broad marketing effort, as the company faces monthly losses and a risk of insolvency, echoing B&N’s 2024 Tattered Cover purchase.