ITHACA (WBNG) — A beloved bookstore in Ithaca is facing financial issues, but the store is now looking to change its business model to combat the problem.
Buffalo Street Books is no stranger to financial strains. In 2017, owners said it was in crisis.
“Sales were low enough that we were unable to pay our publishers and distributors. We had to raise an enormous amount of money,” said Executive Board President Amy Reading.
The bookstore is now facing Deja Vu as they are once again looking to raise enough money to stay afloat. This time, the amount is $100,000.
“As a for-profit bookstore, with a very heavily community-minded mission, we’ve been very stretched thin trying to run over 150 events per year along with countless partnerships with schools and nonprofits and book giveaways.” said Reading. “We do it on a budget of zero or even less than zero if possible.”
Another issue they face is constant competition from other retailers.
“We can’t discount our books across the board in the way that they do,” said General Manager Lisa Swayze. “That’s not legally okay. We have to sell our books at the price printed on the book.”
Despite its struggles, the store has continuously prevailed with a strong community backbone. It has raised more than half of its fundraising goal, but the store isn’t stopping at fundraising this time. They’ve decided to start the transition to a nonprofit model.
“We will have additional revenue streams through grants, to help cover some of that work, instead of doing it at a loss,” said Swayze.
Reading and Swayze said that they hope this new business model could give the store sustainable funding for years to come.
If you’d like to donate to the bookstore, follow this link to sign up for a membership.
Copyright 2024 WBNG. All rights reserved.
This post was originally published on here
