Einstein would be proud of this equation.
In a major reshuffling in book retailing in Princeton, N.J., Micawber
Books is selling its business to Princeton University and will close in
March; next fall, Labyrinth Books, which has scholarly stores near Columbia University and Yale University, will open a store
called Labyrinth Books at Princeton, which will be near but not in
Micawber's location downtown; and the U-Store, Princeton's coop,
will phase out its book business by next fall, leaving book retailing
to Labyrinth, and will open a satellite store selling apparel next to
Labyrinth. The changes were reported in today's Daily Princetonian.
"We're extremely pleased to come to this agreement, so that now we can
pursue other dreams and interests," Micawber co-owner Logan Fox said at
a press conference yesterday concerning the changes. "This ensures the
presence of a scholarly bookstore on Nassau Street for years to come."
Micawber has been in business 25 years.
Princeton president Shirley Tilghman said, "It is virtually
impossible to be a world-class university without a world-class,
scholarly bookstore. We're so lucky to have had Micawber, which is
beloved by so many on the faculty. We have depended on them [to
provide] the intellectual community that we seek." She also welcomed
Labyrinth, saying, "I can't imagine a better successor to Micawber."
The new Labyrinth, which at 7,000 square feet is larger than its
branches in New York City and New Haven, Conn., will stock 70,000
scholarly and general books and have an "extensive" children's book
section. It will also handle textbook sales for the university.
"We are very fortunate to come to a school that's bucking the trend of
bringing in chain stores," Clifford Simms, Labyrinth president, said.
"We aspire to perpetuate a culture of reading. We want to become a part
of the fabric of this community."
A U-Store board member said the store did not have as much book
expertise as Labyrinth, and a Princeton administrator indicated that
the U-Store would now "focus on being the best student department store
at any college or university." Besides apparel, it will continue to
sell supplies and dorm furnishings and operate its pharmacy service and
the U-2 convenience store. U-Store president Jim Sykes said that
"probably six to 10" of the store's more than 60 full-time employees will be
affected.