Just in March, I reported that Penn Books was struggling, but still managing to survive. Now we hear they've been forced to shutter.
Mindy writes: "Just stopped into Penn Books tonight on my way to the opera and found bare shelves... They'll be gone by the end of the week."
Penn Books was started three generations ago, in the original Penn Station, in 1962. They survived the destruction of Penn Station. They survived citywide fiscal crises. They even outlasted Borders. Business was still bustling. But they could not afford the rent hikes.
Landlord Vornado started pushing out businesses in 2014, according to Crain's. Now they're revamping Penn Station and the area around it.
In the Wall St. Journal, Vornado's Chief Executive said earlier this month, “There is no reason that we cannot achieve very, very substantial rising rents in Penn Plaza—very substantial, enormous--with a little TLC."
Tender. Loving. Care.
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