Barnes & Noble buys Colorado bookstore chain Tattered Cover

The Tattered Cover bookstore chain has a new owner. Barnes and Noble is buying the Colorado business for $1.83 million in cash.

The agreement allows the 53-year-old business, which got its start in Denver, to keep its name, continue stores' events and offer jobs to almost all of its current employees.

All of Tattered Cover's existing store leases will transfer ownership and continue operations.

This sale still needs bankruptcy court approval but the closing is set to take place by July 31.