DENVER, CO — A beloved Colorado Springs bookstore will begin closing its doors and removing its inventory and products next week due to company restructuring.
According to a news release Monday, Bended Page, LLC, the parent company of the book store, announced it filed for Chapter 11 Bankruptcy in the U.S. Bankruptcy Court for the District of Colorado.
Pending court approval, three of the seven Tattered Cover stores will be closing their doors, including the Downtown Colorado Springs location off of Tejon St., Denver's McGregor Square and the Westminster location.
The company says the filing will affect at least 27 of the 103 positions with the company and that they are in the process of developing severance packages for eligible employees. Some employees may be asked to fill temporary seasonal positions at the remaining locations.
Should the court approve the filing, this would allow for the Tattered Cover to contain $1 million in debtor-in-possession financing to continue forward operations during the company's restructuring process. The money will be used to acquire more holiday inventory, fulfill customer orders, staff compensation and more day-to-day business operations.
“Our objective is to put Tattered Cover on a smaller, more modern, and financially sustainable platform that will ensure our ability to serve Colorado readers for many more decades,” said Chief Executive Officer Brad Dempsey. “Restructuring for long-term viability requires managers to make very difficult business decisions that affect people and business partners, and we intend to do what we can to minimize these impacts. We’re thankful for the professionalism and dedication of our management and staff in helping Tattered Cover transition to its next successful era.”
The company says the store closures will be finalized by early November, the bookstore says that there may be special events planned at each of the locations.
Tattered Cover History
The Tattered Cover was founded in 1971 and went on to become Colorado's largest independent bookstore. The first store was located in Cherry Creek North on Second Avenue in Denver.
In 1983, the second store opened just one block east of the original store. According to the bookstore, the spaces changed with the "Old Store" hosting bargain books, sidelines, and other office functions with the new space being the general retail operations.
WATCH: TATTERED COVER ANNOUNCES DELAYED OPENING
The Colorado Springs location opened in June of 2022 and marked the first location for an independent bookstore outside of the Denver Metro area.
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