Poor Richard's, the "beloved book and gift store, toy store, restaurant, and wine bar" that opened in 1975 in Colorado Springs, Colo., has been sold. The Gazette reported that owners Richard Skorman and Patricia Seator had received several offers to sell Poor Richard's after 51 years in operation, and sold it to Joe Cole and Sarah Gibeau-Cole because of their shared values and commitment to preserving the business. A public celebration of the sale will be held on May 3, featuring all four owners.
Cole, a longtime anchor and news director at the city's Fox21 channel, and Gibeau-Cole, a senior territory manager for a medical equipment manufacturer, "sealed their connection to Skorman and Seator when they were 'deeply moved' by Poor Richard's providing hundreds of free meals to federal workers impacted by the government shutdown in the fall," the Gazette noted, adding that the sale was made possible in part by the contributions of John Weiss, who is the new owner of the Manitou Springs Penny Arcade and the Catalyst Fund founder.
Skorman launched a bookstore that would become Poor Richard's Feed & Read in 1975, while he was a senior at Colorado College, the Southern Colorado Business Forum & Digest reported. That business grew to include Poor Richard's Restaurant, Poor Richard's Books & Gifts, Rico's Café & Wine Bar, and Little Richard's Toy Store, all in the 300 block of North Tejon Street, where the complex of businesses has become a downtown gathering place.
"We didn't want someone who would change the heart of this place," Skorman said. "Joe and Sarah understand that Poor Richard's is more than a business, it's a community living room. They both plan on working full-time in the businesses and they each bring complementary skills to this transition."