In its first appearance before a bankruptcy judge Thursday, Tattered Cover received temporary permission to borrow money from a local philanthropist so that it can buy books., centered on how the bookstore chain can survive in the weeks that follow. In court documents ahead of the hearing, Tattered Cover, which previously disclosed it lost $667,882 in the first nine months of this year, revealed that it lost $1.2 million in 2022.
Romero was skeptical. He noted that Tattered Cover and Read Colorado haven’t signed “an actual” loan agreement but instead have “a handshake deal to borrow large amounts of money.” The judge said that he had never approved such a deal in 20 years on the bench, but allowed the loan to move forward and scheduled a fuller hearing on the matter.
The judge did approve a request by Tattered Cover to let it honor $115,000 in gift cards that it has sold over the years. The bookstore warned that not doing so would wreck its reputation among customers. No one opposed the motion, so Romero signed off on it.
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