Olsson's Says Goodbye
From the release:
Olsson Enterprises, Inc., trading as Olsson’s Books & Records, Record & Tape Ltd., and Olsson’s Books announced today that it has closed all of its locations and petitioned the U.S. Bankruptcy Court District of Maryland for conversion of its current Chapter 11 protection to Chapter 7.
The reasons given for the petitioning were stagnant sales, low cash reserves, and an inability to renegotiate current leases, along with a continuing weak retail economy and plummeting music sales.
Olsson’s was granted Chapter 11 protection on July 11 this year in order to work on an aggressive reorganization plan involving selected store closings and large cuts in overhead costs.
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