With creditors nipping at Joseph-Beth‘s heels, wondering how the independent bookselling chain will emerge from Chapter 11 bankruptcy, a new filing this week provided some more concrete answers – which demonstrates an outside savior appears to be the best hope. After initially closing four stores, Joseph-Beth will close a fifth store in Fredericksburg, VA before the end of June. The company is also putting itself up for sale, saying that it can’t come up with a reorganization plan that satisfies lenders, creditors and the bankruptcy court. “In the exercise of their business judgment, and to maximize the return to the […]
