It was just a couple weeks ago that we told you about Olsson’s plans to shutter its Penn Quarter location — which it finally did, on Friday. In an email to customers, owner John Olsson had said that “The landlord has other plans for the space,” and we confirmed that those plans were to bring in UK noodle shop Wagamama. But the Post reported on Saturday that it looks like there’s a lot more to that story than Olsson originally admitted: Olsson’s is filing for Chapter 11 bankruptcy protection.
Last week, two of its biggest publishers, Random House and Penguin Group, as well as Hachette Book Group petitioned the U.S. Bankruptcy Court in Greenbelt to place Olsson’s in involuntary Chapter 7 bankruptcy, which would force the company to liquidate.
Two other creditors hold claims on the company’s book and music inventories, Olsson’s attorney Richard H. Gins said.
Eep. Apparently all the people who always say they wish there were more independent bookstores in D.C. still order from Amazon.com most of the time.
Here’s hoping the Chapter 11 filing will allow Olsson’s to stay in business in some form or another — though it definitely doesn’t look good.