After Filing Chapter 11 Bankruptcy In 2005, Books Inc. Creates Fresh Start
Two years after seeking bankruptcy protection under Chapter 11, Books Inc. is once again profitable and growing. The nation’s oldest independent bookseller now has 11 locations in California, has paid off all former creditors, and is in the process of launching a new e-book project with Ingram Book Company. The 155-year old bookseller says it will make a profit of $24 million this year.
Allbusiness.com offers the following insights on what to focus on to make your Chapter 11 bankruptcy reorganization as successful as possible:
1) Keep your investors informed regarding what is going on.
2) Identify what your company does well and build around them.
3) Discontinue, outsource, or sell whatever doesn’t work well.
4) Take immediate and decisive action rather than spending a lot of time debating as to what to do to save your company.
5) Slash overhead.
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