On Friday, New York City’s legendary Strand bookstore announced it was in trouble. With revenue down 70 percent because of the pandemic, owner Nancy Bass Wyden warned in a post on social media, the “loans and cash reserves that have kept us afloat these past months are depleted,” and the 93-year-old landmark is fighting for its survival.
Just as so many businesses and institutions have since March, Bass Wyden turned to her loyal customers for help, asking them to spend their money and spread the word, using the hashtag #SaveThe Strand. But alongside encomia from celebrities and Slate’s former editor in chief, another chorus arose, asking why Bass Wyden, a multimillionaire who is also the wife of a U.S. senator, was passing the hat rather than raiding her own piggy bank. As an article in the Baffler laid out in detail last month, the store received a Paycheck Protection Program loan of between $1 million and 2 million in April with the purpose of protecting the 212 jobs spread across its three locations, including the 188 workers Bass Wyden laid off in late March. Ultimately fewer than two dozen union jobs were restored, and Bass Wyden put her personal fortune to work purchasing stock in Amazon, a mortal enemy of brick-and-mortar booksellers she described as a necessary step toward keeping the Strand afloat.
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The Strand is a literary mecca, so beloved that the novelist in Sofia Coppola’s new movie On the Rocks sports two separate tote bags with its logo during the course of the film. But bad bosses suck, especially ones who use economic exigency as an excuse to gut union staff. Yet the infuriating thing about the Strand controversy isn’t not knowing which side to pick. (As a union employee myself, that part is pretty easy.) It’s that we even have to have this conversation.
More than seven months after the first lockdowns, American small businesses have been left to twist in the wind. The PPP, as Slate’s Jordan Weissman wrote back in July, was a bust, a poorly administered half-measure. But that policy blunder pales in comparison to how badly the federal government has managed the pandemic as a whole—not to mention how many cultural institutions will likely be diminished or destroyed as a result of the government’s failures.
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My guess is that the Strand, with its iconic status and well-heeled supporters, will end up being fine. San Francisco’s similarly storied City Lights raised more than half a million dollars in April to help it get through the pandemic. But what about all the other bookstores who don’t have their name recognition or the ability to fundraise outside their own neighborhoods—or simply those in neighborhoods where people are too concerned with keeping themselves afloat to even think of giving money away?
Link to the rest at Slate
PG gently suggests the Pandemic has accelerated a trend that was already well underway before anybody had heard about Covid.