Books Inc., founded in 1851, files for bankruptcy
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Books Inc. will still operate stores after filing for Chapter 11 bankruptcy. Photo: Paul Chinn/San Francisco Chronicle
The Bay Area's oldest independent book store has filed for bankruptcy, citing increased operating costs and changes in consumer buying habits.
The big picture: Books Inc. operates 11 locations across the Bay, including three in San Francisco. Now 174 years old, it's one of many independent book sellers struggling to survive in the digital age.
Driving the news: The company announced yesterday that it had filed for Chapter 11 bankruptcy in response to annual revenue losses that were worsened by the pandemic.
- Though it will continue operating under the reorganization, Books Inc. will close its Berkeley location on Feb. 9 and transfer some staff to its remaining stores.
What they're saying: "Books Inc. is not going away," CEO Andy Perham said in a statement. "Our board, investors, senior managers and key partners agree that reorganizing with the tools afforded us by Chapter 11 is the fastest path toward putting our company on a smaller, financially stronger platform."
Yes, but: Perham noted it'll still require "some very difficult decisions."
- "The best thing that people can do to help Books Inc. quickly get through this challenging time is to come in the store and buy books, or order from us online," he added. "Our booksellers will continue to do their very best to provide readers with a vibrant, enriching and fun experience."
Between the lines: This isn't the first time the company has filed for bankruptcy.
- It did so in 1996 as national chains began pursuing the West Coast market, forcing 10 out of 12 of its stores to close.
- The retailer exited bankruptcy in 1997 with four stores.
Catch up quick: Books Inc.'s origins date back to 1851, when Anton Roman, an immigrant from Central Europe, struck gold in Shasta City and decided to open a bookstore.
- When the mining town dried up, he moved to San Francisco and set up shop on Montgomery Street in 1855. The store later launched a literary journal that printed California-focused poems and stories, including "Roughing It" by Mark Twain.
- Though the bookstore was destroyed in the 1906 earthquake and fire, Roman's successors made sure it prevailed through numerous changes in location and ownership.
- Upon purchasing the store in 1946, Lew Lengfeld renamed it Books Inc. and sought to expand its footprint with his business partners Barbara Thompson and Ann Alanson, creating a weekly book review program on local TV station KRON and opening new stores across the U.S.