“Olsson’s is Closed”
That’s the title of the news release from Olsson’s Books and Records. The local chain, established in 1972, is gone. Dcist has the latest on the sudden announcement by Olsson’s Books and Recordings that it had closed its stores and entered into bankruptcy proceedings:
UPDATE: Olsson’s has since posted a press release on their web site announcing the closing of all five locations. They’ve also created a blog-style testimonial page for fans of the local chain to leave their thoughts on the news.
“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.”