MANILA - Affordable bookstore chain Booksale on Tuesday dispelled "fake news" that the company is closing shop or that it was sold.
In a statement, the management of Booksale (Visual Mix Inc and Booksale Cebu Inc), said the company is “alive and well and is committed to its corporate mission of making reading affordable.”
The company, which has presence in malls nationwide, said the economy of the business has changed, citing "unreasonable store rental rates, salaries, wages and operating costs tripling or quadrupling in the past 20 years."
But, it said, "we are facing these changes confidently and unwaveringly to sustain our mission of providing affordable reading for you."
"...[W]e just could not raise our prices proportionately or we'll be remiss in our corporate mission," read the statement signed by Visual Mix Inc president Emmanuel Sison and Booksale Cebu Inc president Ambrosio Lucilo Jr.
To stay afloat, Booksale said it is optimizing its operations and searching for better suppliers locally and overseas.