The Million Story Book Company in Fort Wayne, Ind., which, at 10,000 square feet and an inventory of 60,000 books, was one of the state's largest independent bookstores, closed its doors for good on July 31. The Million Story Book Company is the second large independent bookstore in Indiana to go out of business within the past two months. Susan Schenone, owner of The Book Bag in Valparaiso closed her 15-year-old bookstore on June 30, approximately seven months after a 21,000-sq.-ft. Barnes & Noble opened nearby.
The Million Story Book Company, which changed its name from Little Professor Book Company last year, was opened by Dave and Kim Kaverman in late 1992. Dave was, until his resignation from both posts in late July, president of the Great Lakes Booksellers Association and a member of the American Booksellers Association's 25-member Booksellers Advisory Council.
Kaverman attributed his decision to close down the Million Story Book Company primarily to ongoing problems with his landlord, the owner of a shopping center in Ft. Wayne. When the lease expired this summer, Kaverman told PW, the landlord was uncooperative about renewing it. Kaverman had to choose between moving to another location or closing down the bookstore.
Kaverman emphasized that the current state of the publishing industry was a significant factor in his decision to close rather than simply move. He cited the increase in the numbers of books being sold in nontraditional outlets, declaring, "The big publishers give lip-service support to the bookstores, but when it comes down to the reality of it, I don't see it happening. The big publishers are undercutting booksellers by selling their bestsellers in Sam's Club, Costco and other price clubs. Even Barnes & Noble is complaining that books being sold in nonbook outlets is hurting their bottom line. When Harry Potter is being sold in every gas station in the country, I know it's time for me to go."
The closing of Million Story Book Company last week has sent ripples throughout the upper echelons of the bookselling industry. "Besides the loss of an independent bookstore, which is always painful, Dave's loss will be keenly felt on the ABA Advisory Council," said ABA CEO Avin Domnitz. "He had a broad view of the industry and was able to lift himself above the operations of his own bookstore to see issues through the lens of the general bookselling community."
"It always hurts when an active member of GLBA leaves," said Jim Dana, executive director of GLBA. "But we have a strong organization, it won't affect the organization. GLBA v-p Becky Anderson, co-owner of Anderson's Bookshop in Naperville, Ill., has been named president of the board. It does shake people up, however, to see the president of the organization go down.... This was a case of people who did everything right, and it just did not work out. It's sad to see."
