This morning's Shelf Awareness has a few details from Olsson's Chapter 11 bankruptcy filing. The local bookstore chain claims $929,428 in assets and $1,951,629 in liabilities. The usual reasons are cited for the downturn, but controller Terence McCann expressed confidence about the future of the business in the filing (hence the Chapter 11 claim, not Chapter 7): rebuilding the chain, he writes, "involves raising working capital, seeking investors, reducing overhead costs, adding new merchandise, refurbishing stores, retaining leases where achievable or relocating to communities that will support the concept of an independent bookstore. We still think that Olsson’s has something to offer and can do business in this market."

Tags: bankruptcy, Olsson's