Tattered Cover is looking to delay the next steps with the U.S. Bankruptcy Court so it has time to work with potential buyers.
The long-time Denver bookstore declared bankruptcy in October, announcing it would close three locations and lay off a portion of its workers.
Tattered Cover owners submitted a bankruptcy plan earlier this month, but on Friday announced they are asking the U.S. Bankruptcy Court to reschedule a hearing on its reorganization plan to consider a potential sale.
“The company is in discussions with individuals and businesses across the U.S., and expects additional interest from other potential buyers as word spreads that Colorado’s iconic independent bookstore is open to being acquired,” wrote Tattered Cover spokesperson Steven Silvers in a statement Friday.
The Tattered Cover board and its lenders have decided that selling the bookstore “is in the best long-term interests” of the company, Silvers wrote.
Company leadership cited years of financial struggles and an unsuccessful rapid expansion meant to stave off bankruptcy in 2020. Silvers said the bookstore’s improved monthly sales numbers and literary events in recent months have prompted interest in buyers.
The reorganization hearing was originally scheduled for May 28, while the company is requesting to move it to June 17 at the earliest. The company declined to comment on specific potential buyers.
