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Date: Friday, September 10, 2004 12:26 PM<br>
From: Publishers Lunch <publishersmarketplace@yahoo.com><br>
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WordsWorth in Bankruptcy Filing<br>
Cambridge's renowned independent store WordsWorth Books filed
for Chapter 11 bankruptcy protection yesterday. Owners Hillel Stavis
and his wife Donna Friedman tell the Boston Globe that revenues have
plunged, and the store has been losing money for two years.<br>
Court filings indicate the store has $1.5 million in debts, and $1
million in inventory and assets. The owners have "poured $500,000
of their personal savings into WordsWorth in recent years."
Annual revenue of about $5 million is half of what the operation did
in "better times." They once had as many as 110 employees,
but now they have about 20 workers. Their largest creditors are Koen
and Random House.<br>
Stavis says, ''It's too much Amazon, too much Barnes & Noble, and
too little Harvard Square. It's generally symptomatic of what's
happened to the independent bookselling business.''<br>
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