Budgetext Closes Its Doors

I’ve had three industry insiders confirm the rumor that Budgetext has closed its doors. Much of the outside sales force has been let go immediately (and probably given some severance package), while the office staff is being retained until the end of the year as they liquidate inventory. From what I can gather, Budgetext has been for sale for about a year. It seems that they didn’t find a buyer and the owners decided to just shut the doors and close the business. No one at the company returned my calls when I attempted to reach them for comment.

The closing of Budgetext is just another hit in a very-bad year in the book business, a year that has seen Nebraska file bankruptcy  and Borders liquidate. In addition, I have heard rumor of several other online retail book sites being shopped around in hopes of being offloaded by current owners. My guess is that since none of them have sold, they face the same unpleasant circumstances encountered by Budgetext, Nebraska, and Borders. Only time will tell.

Comments (5)

  1. Kris Lange (@ChiefFool)

    An interesting time for our industry. The old ways, practices and conventional wisdom no longer hold water. Well, maybe just not as much water as it used to hold.

    Thanks for keeping us apprised.

  2. GAB

    Truth is the owner wanted to retire and take the money in the bank. He closed the doors and got rid of several hundred people because he couldnt keep his hands out of the cookie jar.

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