A few weeks ago, Cover to Cover Booksellers in San Francisco sent out an e-mail informing customers of its imminent closing. But thanks to the store's proactive and supportive clientele, no covers will shut just yet.
Peter Gabel, a longtime customer of the bookstore and a law professor at local New College, came up with a plan to raise the $200,000 that co-owners Tracy Wynne and Mark Ezarik had said the 27-year-old store needed to pay off its debt and restock its inventory. Under the plan, 40 people will put in $5,000 each. Gabel has been so convincing that already he has more than half of pledges needed, including the promise of $5,000 from Kate Kanaley, owner of The Phoenix, a second-hand bookstore a block away from Cover to Cover. "The Phoenix even held a yard sale for us this past weekend," Wynne told PW.
Money from what Gabel calls the "magnificent 40" will not be collected from donors until the full amount has been raised. At that time, the 40 will review the store's new business plan, which includes repaying the loans over the next six years. Investors won't make money on the deal, but they will get a 25% discount at the store. "It's been just overwhelming," said Wynne. "I'm floored by the overwhelming support we've been given."
Gabel also organized a drive that resulted in more than 500 people pledging to buy a hardcover book every month and created an online group for neighbors interested in saving the bookstore (www.savecovertocoversubscribe@yahoogroups.com).
One change in the bookstore's future is a move, Wynne said. "Our business manager found out there's no way we could afford to stay in this location. We moved here five years ago and doubled our space, but our rent also went up to $9,000 a month. It was great to have a large space when the economy was high. But with the downturn, it's just not feasible to stay here. We've found a new location here in Noe Valley that is considerably more affordable than our current space," said Wynne, noting that the store plans to move to a smaller, 2,400-sq.-ft. space being vacated by Natural Resources, a community center, on Castro St. "I think our chances of long-term survival are really good."
Wynne and Ezarick have owned the store for three and a half years but worked there much longer. "I've worked here on and off for almost 17 years, and Mark has worked here nonstop for 18 years," Wynne told PW. "I had expected this to be the worst month of my life: crying every day as I said goodbye to old friends. But it's been just the opposite. Instead of crying on our shoulders, they've reached out and pulled us up."
