The financial struggles continue for St. Mark's Bookshop.
DNAinfo is reporting this evening that the store "might not make it into the new year unless it raises $150,000 in the next month," based on a crowdfunding campaign launched yesterday afternoon.
The store, now in its 38th year (spread over several locations), opened in its new home at 136 E. Third St. just west of Avenue A on July 19, 2014, after well-documented financial struggles with escalating rents and declining business at its previous home on Third Avenue.
Despite lower rents in the new location, the bookshop is still in arrears. Here's part of a letter that Bookshop co-owner Bob Contant shared with the crowdfunding campaign:
Unfortunately, we were quite undercapitalized for the move and the bookshop has not recovered. Cost overruns left us with little money to stock the store with books...
In an interview with Lisha Arino at DNAinfo, Contant said, "We’ve been going along for the past year just trying to replace the key books in the store and yet we’re doing less and less business because the inventory is depleting ... This is our last stand."
Previously on EV Grieve:
Report: St. Mark's Bookshop prepping fundraiser ahead of possible move to Avenue A.
Is this the new home for the St. Mark's Bookshop?
Report: St. Mark's Bookshop signs lease for East 3rd Street space
Renovations at the future St. Mark's Bookshop on East 3rd Street
St. Mark's Bookshop seeking buyers with an ownership interest