From the release:
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.
Olsson’s was granted Chapter 11 protection on July 11 this year in order to work on an aggressive reorganization plan involving selected store closings and large cuts in overhead costs. At the same time the Lansburgh/ Penn Quarter location on 7th Street, N.W. was shuttered to make way for a new London-based restaurant.
Olsson’s was established in 1972 and grew to as many as nine retail stores in the Washington, D.C. metro area with sales over $16 million a year and as many as 200 employees. Currently there are five retail stores: Reagan National Airport, Old Town Alexandria, Arlington Courthouse, Crystal City, and one in Northwest Washington at Dupont Circle. Olsson’s earned its reputation as a locally-owned community-oriented retailer with a knowledgeable staff selling a wide selection of books, music, video and gifts.