Beloved book chain’s new CEO says company can no longer support 7 stores in Colorado
DENVER — The Tattered Cover on Monday filed for Chapter 11 bankruptcy protection, a somber financial admission for one of America’s most beloved independent book chains.
The 52-year-old bookstore will close three locations by November, the company’s chief executive officer, Brad Dempsey, said in an interview Monday: The McGregor Square store across from Coors Field and recently opened outlets in Westminster and Colorado Springs. At least 27 of Tattered Cover’s 103 positions — more than one-quarter — will be eliminated through the store closures, he said.
“This structure of seven stores is not sustainable,” said Dempsey, a Denver bankruptcy attorney. “It’s very difficult to be profitable without a substantial amount of additional capital that investors were not willing to provide right now.”Denver 7+ Colorado News Latest Headlines | October 16, 11am The Follow UpWhat do you want Denver7 to follow up on? Is there a story, topic or issue you want us to revisit? Let us know with the contact form below.
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