A few points about today’s Davis-Kidd news:
Tom Prewitt, the president of Laurelwood Shopping Center, told me today he personally loves the book store and was not going to let it go dark. And it won’t – thanks in large part to his support, Davis-Kidd will remain open, pending the entry of a sale order in a Kentucky bankruptcy court Wednesday afternoon.
The store will have to change its name. But it signed a new 10-year lease today.
Neil Van Uum, who founded Davis-Kidd’s parent company, has lost that company (The Joseph-Beth Group) to a new Kentucky ownership group that will now run 3 of the 5 remaining Joseph-Beth stores.
A fourth, in Virginia, is being transferred to Books-A-Million.
The fifth, in Memphis, will now be run as a standalone store by Van Uum personally.
“I want to first apologize for all that my staff here at the store has had to endure,” Van Uum said in a statement released Wednesday. ” This has been a hugely trying 6 months and looked like it was very much headed to a tragic conclusion. Thankfully, with the support of Tom Prewitt, the owner of Laurelwood Shopping Center, we were able to save the store.”
“I am excited about the future direction of our store. Eddie Burton and his team are ready to step up and take the store forward. We are fortunate to come through this well positioned financially and look forward to getting our inventory back in shape. In addition, we have plans coming together for a complete remodel of the store in the fall.”