St. Mark’s Bookstore in the East Village is facing a range of debt problems and could be closed by this week, store owners told amNewYork. As part of a last ditch effort to raise funds, the store is currently running a cash-only clearance sale, with nearly all prices marked half-off. The store also launched a GoFundMe that raised $23,657 of its $150,000 goal in two months.
Bob Contant, one of the store owners, said that he was served a marshal’s notice two weeks ago and that the store has had its bank assets frozen recently. The store owes about $62,000 in back rent, $34,000 in taxes and more in other debts. A marshal is expected to begin auctioning off the store’s merchandise on Wednesday morning to pay back debt owed to book publisher, Baker & Taylor.