A Community Call for Help…
“We come to you with serious and sobering news. Despite all our efforts, it has finally come down to this: Without debt refinancing or a drastic change in circumstances, we will be forced to liquidate…”
For the last twenty years BookSmart (owned by Brad Jones and Cinda Meister) has served Morgan Hill as a place where children have grown into avid readers and adults have indulged their reading desires. BookSmart promotes literature, community, education, and family values, without telling people what they should read or how to think. Within Morgan Hill, BookSmart has always made a profit.
BookSmart is a de facto community center and meeting place where people come for books, art, literature and community connections. (We have even fostered a few romances over the years!) Now we need your help if we are to carry on for the next twenty years.
Why we are in trouble
Several years ago, we decided to take steps to ensure long term security for our business by trying a few other outlets. We were driven by two factors:
- · The collapse of Borders Books
- The seemingly imminent redevelopment of downtown Morgan Hill, and the city’s wish to relocate all of the businesses in the Depot Center building (BookSmart Building) to build a parking garage.
We decided on two venues:
- A used bookstore in a newly renovated building in Gilroy
- A small children’s book and toy store at Oakridge Mall (We had been contacted by their management team)
The Gilroy store never panned out and we closed it after one year. However, the BookSmart store at Oakridge did fairly well over Christmas, and mall management asked us to move to a bigger, better space and be a “full service” bookstore (about the same size as the Morgan Hill store). Right after we incurred the cost of the move and tripled our inventory, we received an eviction notice so that the mall could perform remodeling. We liquidated our inventory to pay for another move several miles from the mall. The location did not provide enough traffic and failed. We moved again to the Newark Mall (based on our Oakridge experience) and failed again.
Throughout all this, the Morgan Hill store has remained profitable.
How you can help
We have learned our lesson and are going to focus on Morgan Hill and do everything we can to be the best community bookstore around, but we need help!
We currently need to raise $300,000 to keep the Morgan Hill BookSmart alive. The store is having its best year in 5 years, and the city is building the parking garage elsewhere. However, we are in dire need of refinancing our high interest loans which have caused us to delay state sales tax and publisher payments.
- If we reach the $60,000 mark we should be able to make peace with state sales tax agency and set up a payment plan for the remainder.
- At $120,000.00 we should be able to satisfy the state and our publishers.
- The remaining $180,000 would be to refinance the high interest debt that is killing us.
Please join us in the Own BookSmart Campaign! Click Own BookSmart to learn more…