The Books Inc. location in Burlingame, Calif., will close early next year. President and CEO Michael Tucker said that "changes in the retail environment on Burlingame Avenue have made it untenable to remain." In particular, high-end national retail chains have opened in the area in the last five years, significantly driving up rents. Tucker added that "none of this should be a surprise in an area where the median price for a home is now $1.5 million and the mandated minimum wage is already at $15 plus health care."
He stressed that the closing "does not reflect" on the health of the company, which has 10 other stores in the Bay Area, including the new branch in Campbell that "has been extremely well received."
Books Inc. aims to move Burlingame-based book clubs, events and special programming to other locations and hopes to continue the offsite relationships with libraries, schools and other organizations through its Palo Alto and Mountain View locations.
The company hopes to place Burlingame employees in other Books Inc. stores. Any employee who is not able to transfer to another location will be offered a severance package.