Prior to and after our filing Chapter 11 in early May, we worked on a strategic merger with a company that is also one of the leader’s in the bargain book segment. Strategically, combining the strengths of the two companies would have created a vertically integrated business that had sales potential in excess of $100,000,000 with significant growth opportunities. Unfortunately, the discussions were halted just prior to our deadline of filing our plans with the Bankruptcy Court earlier this month.
Efforts to develop an emerging plan as a stand-alone business were greatly hindered by several major issues related to our banking situation. Chip and I are reviewing legal options as it relates to those circumstances surrounding National Book Warehouse. Those issues coupled with the new Bankruptcy laws that have shortened the time-frame to evaluate the business left us in the position that, in our opinion, the best option is to liquidate the business and cease operations by the end of February.
We’re obviously disappointed with the current circumstances. We have many Associates that have worked with us for the 17 years that we’ve been associated with the business. We feel very blessed to have worked with such a great group for so long. We will not be able to duplicate the unique culture and relationships that we’ve developed at NBW.
We also appreciate the support of the vendors that we’ve worked with for years. Many were supporting NBW up to the day of the filing and afterwards. Many vendors have become friends and we will miss them as well.
The roots of NBW have always been based on an entrepreneurial spirit. We are certain that many of our current Associates will take the path of some that were here before them and go out and start their own businesses. They are talented and have unique skill sets developed through the years. We hope nothing but the best for them and would like to thank everyone that has supported us through the years.
For questions related to stores; fixtures; product, etc. you may contact NBW: 865-558-8187 - David Hinkle (ext. 2029); Chip (x2023); or Muffett (x2010).