It’s official: Tattered Cover has been sold to Barnes & Noble for $1.83 million, ending its 53-year run as a locally owned, independent business.
The sale, approved by a bankruptcy court judge Tuesday, marks the end of a saga that started last October.
That's when Tattered Cover’s owners filed for Chapter 11 bankruptcy, citing about $3.4 million in unsecured debt. In the process, it closed three locations and laid off nearly 30 workers.
Those involved in the deal with Barnes & Noble said while the sale does mean Tattered Cover will technically be going corporate, it was the only option on the table that preserves the bookstore’s five existing locations and its employees.
“Please note that we will continue to operate independently while maintaining the distinctive identity that has made Tattered Cover an iconic part of Colorado’s literary and cultural fabric,” the bookstore said in a statement following the sale.
As part of the sale, Tattered Cover locations will close for a few days to install new technology.
Four of the store’s locations will experience temporary closures over the next week to install the new upgrades, which will improve “book inventory and customer service.”
The store’s fifth location is at the airport and is operated through a licensing agreement with Hudson Booksellers. It won’t be affected by the technology upgrades.
The temporary closures will be:
- Colfax: Fully closed July 31 and Aug. 1 and closing at 2:00 p.m. on Aug. 5
- Aspen Grove: Fully closed July 31 and Aug. 1-2.
- Stanley Marketplace and Union Station: Fully closed July 31 and Aug. 1, and closing at 2:00 p.m. on Aug. 8.
