The stories began online, with unconfirmed reports that Seattle’s Elliott Bay Book Co. was considering a move to a more upscale part of the city. It took a darker turn when the Seattle Times confirmed the possibility in an interview with owner Peter Aaron, who says his credit line–due for renewal in January, at the same time his lease expires–is maxed out and notes that “finding a lender to keep us liquid is an ongoing battle.” Aaron said “I must refinance, or the loan gets called” and added “until the bank piece is in place, nothing will happen.”
The paper says “sales plummeted after the meltdown on Wall Street last fall,breaking the store’s already-tenuous hold on profitability.
What’s more, sales continued to decline through August, and he began to
wonder if the store would go out of business.” Aaron says, “I need to find
a way to operate at a lower expense level or increase our sales,” he