Community Turns Out In Force For RiverRun

When Tom Holbrook decided to hold a community forum at RiverRun Bookstore to share ideas about how it could remain open, he knew he probably wouldn't have enough chairs for everyone.

More than 100 Portsmouth area residents packed the Congress Street business a week after Holbrook announced he would let his lease expire on Dec. 31 and permanently close the store if he cannot find enough investors to keep it going.

"We are looking for 1,000 or more investors, and right now we have five," he said.

A combination of the recession, the surge in electronic book sales and competition from discount book sellers have placed RiverRun Bookstore in jeopardy of closing its doors.

During the forum, Holbrook said he wanted to share ideas about how they could make RiverRun Bookstore a profitable business going forward and make "a fresh start."

When they moved here in 2006, Holbrook said the economy was booming and they saw profits of 10 to 15 percent each year. The emergence of Amazon's Kindle e-reader started to eat into the bookstore's profits, he said.

"We have accrued debt over the last few years and we are servicing that debt," he said. "Rent on this space is killing us."

Holbrook said he has some good leads on some alternative spaces that would cost less. As far as the debt service goes, he said if they can attract enough investors, they could gain better control over it.

He hopes to take donations and investments and cut the debt 75 percent. This could free up $60,000 in debt and put back into cash flow.

The idea to relaunch the store with a group of people involved is a real possibility, he said. In just six days, the store has received $55,000 in investment and $1,000 in donations from around the country. He said they are looking for an additional 12 to 15 people who would donate $10,000 each in exchange for a share of the profits from the business. He said donations of any amount are welcome to aid this effort.

Some of the suggestions made by community members included having the bookstore become a nonprofit or selling more e-books. When asked by one area resident if they have to remain in Portsmouth, Holbrook and several residents replied with a resounding, "Yes." He also pointed out that 40 percent of his business comes from people who do not live in the city.

"Almost anywhere else in the area, we would not have the same volume of sales that we have in Portsmouth," Holbrook said.

Portsmouth resident Joshua Cyr said he has identified a number of people, including himself, who are willing to invest $1,000 apiece and he urged people in attendance to discuss it with him if they are interested.

Some community members who are among the bookstore's loyal following of customers and fans are determined not to let that happen.

Rose Eppard of Portsmouth said RiverRun is much more than a bookstore. It is a community gathering place that has contributed so much to the city's fabric and culture.

When asked why she cares so much about seeing it remain open, Eppard replied, "because of all the businesses in downtown Portsmouth, this business has done more for the city and the community than anyone."

She said Holbrook has been responsible for bringing as many as 600 writers to the city since he opened his Congress Street store in 2006. He also has done a great deal to promote reading in the Portsmouth Schools and created ways to make more books affordable for those who cannot pay for brand new hardcovers.

Since he first announced the store would close, Holbrook has been flooded with e-mails, telephone calls and letters urging him to fight the good fight to keep it open.

While he is encouraged by this, Holbrook said he will need many investors to step up if he hopes to keep RiverRun Bookstore open.