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I’m writing today to let you know that Books Inc. is in the final stages of a process by which it will be

acquired by Barnes & Noble. While this is not the outcome that we envisioned or initially worked towards when we were forced to file for Chapter 11 bankruptcy back in January of this year, I am certain that it is the best available path forward for Books Inc. stores, employees, and communities. I am grateful to Barnes & Noble leadership for the respect and care they have brought to this process and their commitment to save and maintain the soon-to-be 175 year legacy of Books Inc. I am also immensely grateful to all of you, who have continued such excellent work in the face of deep uncertainty and profound challenges this year. With everything I have, thank you.

To give some background and context – once it became clear several months into the Chapter 11 this year that Books Inc. would not be able to successfully exit the bankruptcy process under our own power, our priority shifted to finding the best available partner to bring needed resources and stability to the company. I and the other owners of Books Inc. had many conversations with a range of potential partners. Barnes & Noble stood apart in those conversations in their experience, ability to work with us, and their understanding and respect for what we have collectively built here. Form my very first conversation with him, James Daunt let me know his intention if this moved forward would be to keep the name Books Inc., to keep as many of our stores as possible, and to keep as much of the staff and existing structure in place as possible. While he encouraged us to think of Barnes & Noble as a last resort, I and the other Books Inc. owners felt from the start that they understood and would protect what we do well and what makes us unique. None of the ownership of Books Inc. benefit individually from this transaction. All money paid by Barnes & Noble will go towards employees, creditors, and vendors that are owed by Books Inc.