The miracle on Third Street continues. With beloved New York City indie St. Mark's Bookshop on the brink of shutting its doors, the store has received a second possible life. Owner Bob Contant has announced there there is a “real possibility” that a new store will open in St. Mark's current location.
Contant has been facing tremendous financial pressure for back-rent, and unpaid fees for book shipments. Earlier this month it looked like the store might be forced into auctioning off all of its inventory, but received a last-minute reprieve.
St. Marks has too much debt to continue in its current configuration, as Contant has made clear. Book distributor Baker & Taylor had the store's bank account frozen, and Contant has a court date next month with his landlord, the New York City Housing Authority, over non-payment of rent. In addition, Contant is on the hook for thousands of dollars in unpaid sales tax.
Because the store is a 38-year-old bookselling institution in Manhattan's East Village neighborhood, a number of parties have emerged to try and save the shop. Contant has been trying to raise money to pay employees, and cover other expenses; at the beginning of this month he mounted a cash-only 50% off clearance sale.
Although potential new store owners have said they do not want to take on all of St. Mark’s current debt, former landlord Charles Fitzgerald has made an offer that could allow the store to come back in another fashion. Fitzgerald, who has provided St. Mark’s money for inventory in the past, has agreed to pay back rent for the space.
At the same time, New York investor Michael Dupler said he will put $100,000 into a new bookstore in St. Mark's current location. Dupler is looking for additional investors to provide another $100,000 to make sure the venture is adequately funded. Potential investors of at least $25,000 are invited to contact Dupler directly.
