Chennai-based bookstore Odyssey has decimated store network.

Rapid expansion on the back of borrowings, coupled with the emergence of online book store rivals were seen to be the cause of the store closures.

Odyssey started operation in 1995. In 2003, it became a 100 per cent owned subsidiary of Deccan Chronicle Holdings Limited which publishes newspapers Deccan Chronicle, Financial Chronicle and Asian Age. Its rapid expansion saw 78 stores rolled out.

However, the business has undergone restructuring after struggling with weak cash flows and the network now numbers just six. 

Its present locations are in Chennai, where it has two stores, Hyderabad where it has three stores and Coimbatore.

“We will operate these stores and wait for the right moment and model to expand,” said by an official from Odyssey.

GB