Mark Simon, who agreed to buy back Atlantic Books from the Philadelphia-based retailer Deb Shops this fall (News, Oct. 29), paid $5 million to acquire the 11-store chain, according to documents filed by Deb Shops. The bookstore chain had sales of $17.6 million for the year ended January 31, 2001.
Since he took control of the stores in the middle of October, Simon said, "things are moving in the right direction. Sales are up and expenses are under control." Simon plans to close one location next year and hopes to open two outlets in the spring.
Prior to selling the chain, Deb Shops reported that revenues at Atlantic Books for the eight months ended September 30 were $11.9 million and operating income was $661,882. For the two-month period ended in September, sales were $3.8 million with operating income of $418,271. Deb Shops took a $7.4-million pretax loss in connection to the sale.