Looks like the Bodhi Tree Bookstore has lost the Melrose battle. As LA Weekly reports, the famous bookstore is set to shut down:
Owners Phil Thompson and Stan Madson informed their staff last Wednesday that the cozy Melrose Avenue shop, a nationally renowned and much beloved spiritual center, will be shutting its doors in a year's time.
After some eight months of discussion, Thompson and Madson decided to sell the property to a local business owner who leases space to several other nearby retailers. The Bodhi Tree opened in 1970. Land values in the area have risen dramatically since then. Meanwhile, the business of selling print books has been on a steady decline. For years, real estate agents had been circling the Bodhi Tree like vultures. In the end, selling the property became a much more profitable option than continuing to sell books.
Get ready for another fashion design studio you'll never visit.
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