Goodbye, Gotham Book Mart

Ron Silliman notes on his blog that the Gotham Book Mart in Manhattan is no longer in business.
What a sad day.
Here's link to the story in the New York Times:
Gotham Book Mart
Someone in the article asks "Where were the poets?"
My guess is that not a lot of poets had $400,000+ to beat the landlord's bid on the stock. Or $1,000 to deposit for the right to attend the auction.


3 Comments:
I don't know much about this kind of thing, but perhaps the new owner will simply be the new owner?
Talia:
No, the "new owner" is actually the old landlord. The bookstore owed something like $500,000-600,000 in back rent and the store had been closed for a number of months. The landlord simply bid $400,000 of back rent (i.e., nothing--something that had already been booked as a loss) against the entire stock of the bookstore--which had a lot of signed originals, old prints, etc.
When that stock is broken down into smaller parts, properly inventoried, etc., the speculation is that it will be sold for a substantial profit.
Oh, I see.
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