When the Cupcake Café closed its outlet at Books of Wonder in the summer of 2011, the fabled bookstore on West 18th Street found itself on the hook for the subtenant’s 40% share of the monthly rent, as well as all the utilities.
For a year, owner Peter Glassman used every resource, including a bank credit line, to pay the $32,000 monthly rent and make ends meet. In the end, he planned to move to cheaper space.
“We drained our resources,” said Mr. Glassman, who has 20 employees and annual revenue of about $1.5 million. “We were in danger that we could not survive another blow.”
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