Wednesday, February 27, 2008
Further to yesterday's report - More on the unfortunate closing of Dutton's Brentwood. LA Times report........
The store has $550,000 in debt, mainly from the closed store in Beverly Hills, according to the Los Angeles Times. In an odd offer of help, billionaire landlord Charles T. Munger and his wife, Nancy, have said they will allow Dutton's to close rent free and will cover the store's debt--so long as the store leaves. Dutton said that Munger made it clear that "he thought of me as an old-fashioned businessman who was out of touch with reality."
Although the building has been been given landmark designation, the Mungers may still renovate or even demolish it. The Mungers' original redevelopment proposal, announced a year ago, included smaller space in which Dutton's could relocate, while a more recent proposal includes space for, as the Times wrote, "an independent bookstore, with an emphasis on children's books, that would be staffed, [Munger] hopes, by former Dutton's employees."
Dutton's Brentwood has 40 employees and 5,000 square feet of space