Sputtering St. Mark's Bookshop Now Unloading Books At Steep Discount, Cash Only

Years of fighting the good fight against soulless East Village landlords and depressing empty storefronts has finally caught up with St. Mark's Bookshop, which is reportedly facing eviction thanks to $62,000 in unpaid rent as of last December 15th and more than $30,000 in unpaid taxes, among other monetary woes.

The unpaid rent is owed to the New York City Housing Authority, St. Mark's new landlord at the First Houses at 138 East 3rd Street. The debt reportedly stretches back ten months at St. Mark's current location (the shop was finally priced out of its Third Avenue home in 2014).

It's been clear for months that the shop wasn't in the right financial straights to manage a massive move. In December, the shop launched a $150,000 gofundme page in the hopes of staying afloat.

Now, St. Mark's is strapped with a tax lien that must be paid in full—the only alternative is bankruptcy. Bedford + Bowery reports that a tentative Marshal's Auction is scheduled for Wednesday, with proceeds on all remaining books going towards the shop's debt.

In order to keep a bit of cash flowing until the bitter end, the bookshop has announced a 50% cash-only sale on all of its books. Cash only, because the shop's accounts have apparently been frozen—on top of rent and tax issues, shop co-owners Bob Contant and Terry McCoy have fallen behind on payments to large-scale book wholesaler Baker & Taylor.

McCoy told Bedford + Bowery this month that he had accrued more than $30,000 in debt with the distributor, after more than 25 years on good terms. Only half of that debt has been paid off, and Baker & Taylor filed suit against St. Mark's in August. The distributor won, and the account freeze was a condition of the settlement.

"We only have $900-and-some in our bank account," McCoy said, neatly summing up the depressing situation.

There seems to be one last thread of hope for St. Mark's, according to a report from The Awl. A few investors who share the East 3rd Street lease with St. Mark's are dreaming of reaching an agreement with the City, under which the shop would pay higher rent in exchange for debt relief. Granted, this would mean a new name for the shop, under new ownership, reportedly with McCoy and Contant as employees.

In any case, the St. Mark's as we know it is open until 10:00 tonight. And since online sales have been suspended, we suggest you walk over there to thumb the pages while you still can.