December 19, 2009
Wesley Owen stores enter administration 0
The future of Christian bookshop chain, Wesley Owen, hangs in the balance after parent company IBS-STL announced yesterday (18th December) it had gone into administration.
Russell S Cash and Don Bailey of Baker Tilly Restructuring and Recovery have been appointed joint administrators. In November, Baker Tilly was brought in to "pursue the sale" of its operations after it experienced a succession of financial problems.
Although it is yet to be confirmed, reports have said that Christian Literature Crusade, a chain comprising 15 Christian bookshops, has purchased six stores. Also according to the reports, Christian bookseller Koorong has bought a similar number of shops.
There has also been speculation of the sale of Authentic Media’s book publishing division to Koorong and STL Distribution being bought by Scottish book wholesaler John Ritchie.
Wesley Owen Edinburgh’s Facebook page said: "We are now in administration and will be closing shortly. As will almost all of the Wesley Owen shops. I thank you all so much for your support and can I ask you to pray for all of the staff that received the devastating news today at 5.35."
• Full story at The Bookseller.
