Olsson’s Books and Records closed all five of their remaining stores yesterday and petitioned the bankruptcy to turn their Chapter 11 filing back into a Chapter 7 liquidation. In a posting on their web site, the company cites “stagnant sales, low cash reserves, and an inability to renegotiate current leases, along with a continuing weak retail economy and plummeting music sales.” General manager Stephen Wallace-Haines says: “In the end, all the roads towards reorganization led to this dead end: we did not have the money required to pay for product in advance, to collect reserves to buy for Christmas, and […]
