The Joseph-Beth Booksellers chain, a Lexington, KY icon for years, has filed for chapter 11 bankruptcy protection. Four of its nine locations are now walking dead – they will close by the time the company emerges from bankruptcy.
The company’s president believes many more bookstores across America are fated to close in the near future:
“I think in the next three to five years, you’ll see half the bookstores in this country close,” Joseph-Beth Booksellers President Neil Van Uum told the Lexington Herald-Leader.
ICV2.com recently reported two other stories that amount to distress signals for book retailers. Hastings Entertainment reported that its new book sales dropped 9.3% for the quarter ending October 31. Also, a U.S. Census report said book sales were down 7.7% in September after a 6.5% drop in August, and year-to-date book sales are down 2.6%.
[Thanks to John Mansfield for the link.]