Books Inc. finds lifeline with Barnes & Noble
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A Books Inc. store in Alameda. Photo: Gado via Getty Images
Books Inc. has a new lease on life, thanks to Barnes & Noble.
Why it matters: The Bay Area's oldest independent bookstore filed for bankruptcy in January, citing operating costs and changes in consumer buying habits.
Driving the news: Books Inc. announced Wednesday that it has filed a motion asking the U.S. Bankruptcy Court for the Northern District of California to approve its sale to BI Acquisition Co., LLC — a Barnes & Noble affiliate — for $3.25 million.
- The proposed deal would allow Books Inc. to continue under its brand name and preserve its independent identity across its stores, according to the 174-year-old bookstore chain.
- "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," Books Inc. CEO Andy Perham said in a statement.
Zoom in: Customers will be able to keep their Books Inc. loyalty points, which will be transferred to Barnes & Noble.
- Gift cards will also continue to be honored.
Between the lines: Books Inc. was founded in 1851, persisting through the Civil War, two world wars and the Great Depression.
- It currently operates 10 locations across the Bay, including three in San Francisco.
Yes, but: Like many other independent stores, it struggled to bounce back after the pandemic and fell into decline as digital media increasingly took center stage.
- Its Berkeley location closed earlier this year as part of its restructuring plan.
The big picture: If approved, Books Inc. will be Barnes & Noble's second acquisition, following its July 2024 purchase of Tattered Cover Book Store in Denver.
What's next: The bankruptcy court is expected to rule on the proposed sale this fall.