Olsson’s Faces Squeeze
By Judith Rosen -- Publishers Weekly, 6/30/2008 8:16:00 AM
After closing its 15-year-old Penn Quarter store in Washington, D.C., on Friday to make room for a Wagamama noodle shop, Olsson’s Books & Records, which is headquartered in Silver Spring, Md., is continuing to be squeezed publishers. On June 19, three of the largest—Hachette Book Group, Random House and Penguin Group—filed a petition in U.S. Bankruptcy Court to place Olsson Enterprises, dba Olsson’s Books & Records, into involuntary Chapter 7 bankruptcy.
According to a report in Saturday’s June 28 Washington Post, founder John Olsson plans to file for Chapter 11 bankruptcy protection, with the goal of keeping as many of the five remaining stores as possible. Check PW.com for updates on this as the story unfolds.
