After lengthy financial struggles that were often referred to but rarely made plain, the Tattered Cover Book Store’s corporate owner filed a voluntary petition for reorganization under Chapter 11’s streamlined Subchapter V in the US Bankruptcy Court for the District of Colorado. If approved by the court, the bookstore will be able to access up to $1 million in debtor-in-possession financing, “provided by a newly created entity” formed by current investors and board members Leslie Rainbolt and Margie Gart. Immediate restructuring plans include closing three of their seven stores — recently-opened locations in Denver’s McGregor Square, Westminster and Colorado Springs […]
