DENVER — The Tattered Cover on Monday filed for Chapter 11 bankruptcy protection, a somber financial admission for one of America’s most beloved independent book chains.
The 52-year-old bookstore will close three locations by November, the company’s chief executive officer, Brad Dempsey, said in an interview Monday: The McGregor Square store across from Coors Field and recently opened outlets in Westminster and Colorado Springs.
At least 27 of Tattered Cover’s 103 positions — more than one-quarter — will be eliminated through the store closures, he said.
“This structure of seven stores is not sustainable,” said Dempsey, a Denver bankruptcy attorney. “It’s very difficult to be profitable without a substantial amount of additional capital that investors were not willing to provide right now.”