(Photo : Will Powers/Getty Images for Corday Productions)
Bookselling giant Barnes & Noble is set to become the next owner of iconic Denver bookstore Tattered Cover, ending its 53-year run as an independent business.
On Monday, June 17, the 53-year-old Denver company decided to accept Barnes & Noble's offer of up to $1.83 million in cash. The parent company of the bookstore, Bended Page, supports the agreement, which applies to Tattered Cover's four stores.
Tattered Cover has encountered financial difficulties in recent years. Under two different owners, the local bookshop chain has avoided bankruptcy for many years. It filed for Chapter 11 bankruptcy in October last year, closing three stores and laying off around 30 workers.
"In addition to the best purchase price, the Purchaser's offer provided the best continuity of operations for our customers, staff, landlords, and community," a Tattered Cover spokesperson said in an email. "Other bids did not contemplate the continuation of our operations at all existing locations."
The agreement allows Tattered Cover to maintain its name, carry on with shop events, and employ nearly all its current staff. The 53-year-old company's current store leases will transfer ownership and continue operations.
The US Bankruptcy Court must approve Barnes & Noble's proposed acquisition, and that approval must happen by the end of July. According to a Tattered Cover representative, while it is quite unlikely, the company might receive higher bids.
Furthermore, Barnes & Noble's presence in Denver would be reinstated with the purchase of Tattered Cover. It once had a store at the 16th Street Mall but closed in 2015. Since then, the Barnes & Noble nearest location to Denver has been located on Colorado Boulevard in Glendale.
