1 of America's oldest chains rescued from Chapter 11 bankruptcy

Very few brands make it past a few years let alone 150 years. And, the ones that make it that long tend to have gone through multiple periods where their survival was at stake.

In fact, the odds are pretty heavily against making it 15 years, let alone 150, according to data from the Small Business Administration (SBA) between 1994 and 2021,  

SBA business survival rates

• The SBA data reveals that 67.9% of new employer establishments survive their first two years.
• However, as time goes on, survival becomes more challenging.
• After five years, only 49.2% of these businesses are still operating.
• The ten-year survival rate drops to 33.8%, and by fifteen years, just 25.6% remain in business.

Over time, however, the odds do get better. 

"Interestingly, businesses that make it past the initial hurdles tend to have better long-term prospects. Among establishments that survive their first five years, 69.5% continue operating for at least 10 years. The odds improve even further over time, with 76.5% of businesses that reach the ten-year mark continuing on to 15 years," Business Initiative reported from SBA data.

There is no data on what percentage of businesses make it to 150 years. That's because the number would be so small it's essentially zero.

That makes the story of Book Inc., a 174-year-old bookseller, and its recent Chapter 11 bankruptcy filing almost, if not truly, unique in American history.

Barnes & Noble rescues Books Inc.  

It's not uncommon for a rival operating in the same space to buy the assets of a company that has filed for Chapter 11 bankruptcy. Some of what's for sales might be useful, and acquiring the name and intellectual property (IP) rights stops a new rival from relaunching the brand. 

Weil Restructuring shared a famous example of that happening.

After leaving the Gucci brand, Paolo Gucci started his own fashion company where he licensed the 'Designed by Paolo Gucci' trademark to different product manufacturers. This resulted in numerous lawsuits by other members of the Gucci family who were displeased with Paolo’s use of the Gucci name. When Paolo filed for chapter 11 in 1994, Guccio Gucci (the Gucci Company) submitted a bid to purchase the “Designed by Paolo Gucci” trademark. After Guccio Gucci submitted the winning bid for the trademark, the sale order approved termination of the licensing agreements under the Paolo Gucci name

The original company bought the other Gucci to eliminate it from the marketplace.

That is not what Barnes & Noble has chosen to do with Books Inc.

The $3.5 million purchase, which was approved by the U.S. Bankruptcy Court for the Northern District of California on Sept. 23 will not be Barnes & Noble makes sure it stays dead for good.  

More Bankruptcy:

• Beer brand and brewery files Chapter 11 bankruptcy
• Italian chain closed most restaurants in Chapter 11 bankruptcy
• Popular healthcare retail chain files for Chapter 11 bankruptcy

"The 174-year-old Books Inc. will preserve its independent identity. Books Inc. will continue to trade under its brand name, preserving the company’s seven neighborhood store locations, together with two stores operated at San Francisco International Airport," Barnes & Noble shared in a press release.

“This agreement will ensure that Book Inc.’s legacy will continue for the foreseeable future,” said Andy Perham, a 15-year company employee who became Chief Executive Officer in 2019. “With Barnes & Noble’s deep resources and world-class support, Books Inc. will be able to quickly modernize its operations so we can focus on what we do best: connecting people with books, ideas and each other.”

Books Inc. bankruptcy and puchase by Barnes & Noble facts:

• Bankruptcy Filing: Books Inc., established in 1851, filed for Chapter 11 bankruptcy in January 2025 due to financial challenges, including declining revenues and rising operational costs
• Acquisition Agreement: In September 2025, Barnes & Noble agreed to acquire Books Inc. for $3.25 million through its affiliate, BI Acquisition Co., LLC.
• Strategic Move: This acquisition follows Barnes & Noble's previous purchase of Denver's Tattered Cover in 2024, reflecting its strategy to support independent bookstores facing financial difficulties.

"The acquisition reinforces B&N’s commitment to physical book stores and positions it as both industry consolidator and community preserver. Other booksellers may face increased pressure to differentiate or partner creatively to survive. The deal underscores the tenuous nature of independent book stores and the growing influence of large chains in maintaining access to physical bookselling in local communities," wrote Joe Keenan at Total Retail.

U.S. companies that have made it 150 years

• Brooks Brothers: Founded in 1818 (clothing retailer; oldest men’s clothier in the U.S.).
• Macy’s: Founded in 1858 (department store chain).
• Bloomingdale’s: Founded in 1861 (department store, acquired by Macy’s in 1930).
• Levi Strauss & Co.: Founded in 1853 (denim and apparel brand).
• Tiffany & Co.: Founded in 1837 (jewelry retailer).
• Ghirardelli Chocolate Company: Founded in 1852 (retail chocolate shops and brand).
• Pabst Brewing Company: Founded in 1844 (while mainly a brewer, it has strong retail brand presence). 
• Anheuser-Busch: Founded in 1852 (beer brand with retail distribution and branded stores/experiences).

Related: Another sporting goods retailer closing forever after 103 years