McNally Robinson Booksellers, Canada's largest independent chain, has entered bankruptcy protection.
McNally's Toronto store and one of its Winnipeg outlets will close this week. A second Winnipeg store and one in Saskatoon will stay open pending restructuring of the company. A related store in New York (McNally-Jackson Books) is unaffected.
The company cites bad timing -- expansion into Toronto and launch of a second, large Winnipeg store just in advance of a recession -- as well as competition form online book sales, deep discounting and e-book formats.
McNally is a class act. Here's hoping they'll salvage as much as possible.