The Joseph-Beth Group (with its first store founded in Lexington, Kentucky in 1986), has announced re-structuring under Chapter 11, though owner Neil Van Uum reports the flagship Lexington store will continue as the group's focus.
Their announcement reads in part:
"The Joseph-Beth Group voluntarily filed a Chapter 11 petition...in order to restructure its debt and improve financial stability.
'Our goal is to preserve and strengthen our business through this restructuring so that we can compete successfully in the future,” said Neil Van Uum the owner of The Joseph-Beth Group. ”We founded our company in Lexington and moving forward our focus will be on the store that made our company one of the best booksellers in the country,' he added.
Inventory liquidation sales will begin in Cleveland and Nashville in mid-November, and continue until the stores close in December. Store closing dates have not yet been determined."
Customers, authors, and publishers immediately expressed dismay via Twitter. A Cincinnati patron posted, they're "closing many other stores but not closing Cinci store. Let's help. Buy a book."
Another suggested, "For everyone saddened by Joseph-Beth news, why not ask your local indie to find holiday gift books?"
NPR books said, "Long live indies."