Crown Books (Largo, Md.), the largest discount book retailer in the country, has filed for Chapter 11 bankruptcy relief.
“The negative retailing environment of the past year, particularly the weak holiday season, has had a significant impact on Crown's business and the progress of our turnaround program,” said president and ceo Charles Cumello. “Today's filing comes after a thorough review of our operations which led us to the conclusion that it is in the best interest of all of Crown's stakeholders to seek Chapter 11 protection. We will continue to conduct an extensive exploration of options to continue our business.”
Crown had recently announced the closing of 28 underperforming stores. It still has 90 stores located in five major metropolitan areas: Washington, D.C., Chicago, San Francisco, Los Angeles andSan Diego.