Tom Holbrook, owner of RiverRun Bookstore in downtown Portsmouth, N.H., has a lot to be thankful for this holiday season. After announcing last month that he wouldn’t renew his lease and his nine-year-old store would likely close at the end of the year, he has signed a letter of intent for a new location two blocks away. The rent there will enable him to cut more than $50,000 in occupancy costs annually.
Customers and neighbors, too, have stepped in to help him whittle down $100,000 in debt, which accrued when he bought out his bookstore partners during better economic times. Some have donated used books, others have given money, while a dozen have offered to invest in RiverRun as part owners.
With new financing in place, Holbrook expects to be able to add inventory soon. The store won’t be fully stocked for Black Friday, but he does anticipate having a fuller selection by the first week in December.
