Appleton, Wisc.-based Book World Inc. has announced that it is closing all bookstores in its Book World chain that operates 45 outlets across the Midwest. In a letter to its business partners and vendors as well as in a release sent to media, Book World said that liquidation sales will begin on November 2 at all 45 locations. The sales will continue until all inventory — books, magazines, greeting cards, gifts, and other sidelines – is gone. The company expects that all stores will be closed by January 15.
In the letter to Book World’s business partners, senior v-p Mark Dupont said that while the chain had been able to weather the advent of e-books, in the past 12 months sales started plummeting and still continue to drop. Dupont attributed the downturn to the national consumer shift towards e-commerce and away from large department stores. This, Dupont wrote, “has triggered the loss of vital mall anchor stores and a downward spiral in customer counts, reducing sales to a level that will no longer sustain our business.”
“We didn’t anticipate being in this situation,” Dupont told PW, disclosing that the decision to liquidate the company was made about 10 days ago. “I thought I’d be at Book World until the day I retired.”
Book World stores are located throughout the Midwest, outside of the region’s most populated metropolitan areas, most of them either in small town business districts or in shopping malls. There are 20 stores in Wisconsin, eight in Illinois, seven in Michigan’s Upper Peninsula, five in Minnesota, three in Iowa, and one each in Missouri and in North Dakota. Dupont said a dozen employees in Book World’s corporate office will be laid off, as well as more than 300 booksellers across the 45 stores.
The first Book World store was founded in 1976 by William Streur in Rhinelander, Wisc.; Streur has always shied away from industry attention as he and his family built up the company over the years; the company declined to cooperate with a 2010 PW profile.
more detail at: https://www.publishersweekly.com/pw/by-topic/industry-news/bookselling/article/75247-book-world-to-close-all-45-stores-across-the-midwest.html