[Sci-tech-public] Fwd: Publishers Lunch

[Deborah Fitzgerald]

>--------------------------------------
>Date: Friday, September 10, 2004 12:26 PM
>From: Publishers Lunch <publishersmarketplace at yahoo.com>
>
>WordsWorth in Bankruptcy Filing
>  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.
>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.
>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.''
>
><http://click.email-publisher.com/maacDEoaa9TD0a6bjuFeaeQxXH/>
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