Olsson’s Faces Bankruptcy Creditors including Random House, Penguin and Hachette Book Group petitioned a bankruptcy court last week to liquidate Washington, DC independent store group Olsson’s, seeking payments of nearly $400,000. The Washington Post reports that Ingram and Sony also hold claims to Olsson’s inventories. An attorney for the stores says that they intend to convert the Chapter 7 filing to Chapter 11 bankruptcy protection in the hopes of reorganizing. The Washington Post reports: “Pressed by creditors who have filed claims against the company’s inventories and by rising overhead costs, Olsson’s is closing at least one store (in Penn Quarter) […]
