Booksale dispels closure rumors

MANILA, Philippines — The management of bookstore chain Booksale denied rumors that the shop has been sold or will be closing due to economic issues.

Visual Mix, Inc. and Booksale Cebu Inc. released a statement on Tuesday categorically denying "fake news" being circulated on social media that the store is closing.

"Booksale is not closing nor has the company been sold," Booksale said in a statement posted on Facebook.

Despite the change in the business environment, the bookstore chain remains confident in providing an affordable reading for its customers.

Booksale admitted that they have been facing "insurmountable challenges" such as unreasonable store rental rates, salaries, wages and operating costs, which have quadrupled in the last two decades.

The rumors that the store is closing or that other parties will take over them may have come from their competitors due to the developments in the book industry, they said.

"But we just could not raise our prices proportionately or we'll be remiss in our corporate mission," the statement read.

The bookstore chain added that they will instead optimize its operations and search for better suppliers.

"Booksale is alive and well and is committed to its corporate mission of making reading affordable as it has done the past 35 years," Booksale said.

Booksale is known for selling low-priced unused and previously-owned books, as well ad bargain publications from the United States, Canada, Australia and the United Kingdom. They also distribute locally-printed Filipino magazines in their stores all over the country. — Patricia Lourdes Viray