Lichtman's, officially known as Lichtman's News and Books, was a Canadian chain of independent bookstores.[1] The company was established in 1909 with the opening of a shop in Toronto.[1]
It filed for bankruptcy protection under the Bankruptcy and Insolvency Act in March 2000.[1][2] President Gerry Ruby stated that the company was losing sales to big box retailers Chapters and Indigo Books and Music, and internet retailers such as Amazon.[1][2]
In the preceding four years, the company's annual revenues had declined from $13.5 million to $9 million.[1] The company shifted focus to selling specialty publications in an attempt to staunch the declining revenues, but was ultimately unsuccessful.[1] Moreover, it was refused a renewal of its lease at Bayview Village because the landlord had guaranteed a new Chapters outlet it would be the only bookstore at that location.[1]
References
- Lichtman's files for bankruptcy protection CBC News, 7 March 2000, retrieved 27 October 2021^
- Dawn Wilton. Lichtman's surrenders in book war The Globe and Mail, 31 March 2000, retrieved 27 October 2021^