Despite Chapter 11 Filing, WordsWorth Doesn't Plan to Close the Book

On Friday, September 12, the company that owns WordsWorth Books and Curious George Goes To WordsWorth, in Cambridge, Massachusetts, filed for Chapter 11 bankruptcy protection. The store's owner, Hillel Stavis, told BTW, "We're not closing. We're looking for a buyer [or investor]. We would like to keep it open…. We think an infusion of capital will do wonders for the store and restore it to its legendary status."

WordsWorth Books, which is located on Brattle Street in Harvard Square, has been losing money for two years, Stavis told the Boston Globe. "In better times" the store had annual revenue of more than $10 million and had 110 employees, the article reported. Currently, revenue is half of that and the store has a staff of around 20 people, the Globe reported.

According to documents filed in U.S. Bankruptcy Court in Boston, the store has $1.5 million in debt and $1 million in inventory and assets. The filing was made under the corporate name for both stores, Bandicoot Corp., according to the Globe.

As for the bookstore's dramatic downturn, Stavis said, "Too much Amazon, too much big box bookstores." And Stavis told the Harvard Crimson that national chains have hit Harvard Square hard, with customers preferring the mall to dealing with parking and crowds in the Square. "We've lost 20 bookstores in 20 years," he told BTW. Other recent closures in the area include retailers Abercrombie & Fitch, Brine's Sporting Goods, Tweeter (an electronics store, which closed on September 7), and a Chili's restaurant. "Harvard Square priced itself out of the market," he said.

However, Stavis reported that Curious George is "healthy and viable and showing signs of getting even better," and "we intend to open a second Curious George."

In the meantime, Stavis has no plans to fold WordsWorth. Under the protection of Chapter 11, the store is looking for "investors who feel passionate about independent bookselling," Stavis noted to the Harvard Crimson, and added that, right after the company had announced its bankruptcy filing, a group of local residents said they were forming a committee to help the store.

Stavis told BTW that he hopes to find a buyer or investor sometime in the next quarter. "We have some leads," he said.