NYC's iconic Strand bookstore warns it may close as pandemic weighs on businessOctober 25, 2020
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New York City's famed Strand bookstore is warning customers that it could end up being the next casualty of the coronavirus pandemic.
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The 93-year old book shop, one of 48 original stores still standing on New York City's famous Book Row on 4th Avenue, has survived the Great Depression, two World Wars, the rise of e-books, and online and big-box bookstores.
Nancy Bass Wyden, the iconic book shop's third-generation owner, told FOX Business that bookselling has not been "the most lucrative business in the world," especially during the pandemic.
"It's a business of love and, you know, the margins are already small," she said. "So this pandemic has really knocked our socks off."
Wyden noted business has become "unsustainable" due to a substantial decline in foot traffic, a near-complete loss in tourism, and zero in-store events compared to about 400 that occurred regularly before the pandemic began.
"Our revenue has dropped nearly 70% compared to last year, and the loans and cash reserves that have kept us afloat these past months are depleted," she said in a statement posted to Twitter on Friday.
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