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Original poster

Right, How Do I Close My Shop?

107 replies

UniqueAndAmazing · 31/05/2013 12:02

I think I've pretty much decided that I will close when the lease is up in October.

I've got a total of £20k debt (in loan and credit card) to pay off, as well as bills and invoices until I close.

How do I make sure that all this wonderful stock that no one wants to buy goes before my deadline of 24th October?
How do I close?
How do I close all my accounts? (and yes, I'm pretty sure that I'll have to pay get out fees for phone line and utilities)

I feel fucking gutted.

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Original poster
UniqueAndAmazing · 31/05/2013 12:06

Will I need counselling or will two weeks' worth of solid sobbing be sufficient?

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BigStickBIWI · 31/05/2013 12:07

Oh no! I'm so sorry to hear this Sad

No practical advice though, I'm afraid.

Pootles2010 · 31/05/2013 12:13

Oh I'm terribly sorry Sad your shop looks lovely as well. Sadly no pratical advice - our town lost its lovely bookshop last year.

However, they've opened up in what was a rubbish gift shop of our local gardens (lots of families go there, they have little tea rooms etc) and they're doing much better now on a smaller scale, with the increased footfall. Would anything like that be possible for you?

Tee2072 · 31/05/2013 12:17

Oh I'm so sorry. That totally sucks. I think you need to speak to a professional on this one.

AprilFoolishness · 31/05/2013 12:19

I'm sorry to hear this, have you name changed or have I got the wrong person?

Original poster
UniqueAndAmazing · 31/05/2013 12:20

is that professionals that charge for time? Can't afford that :(

thank you :)

Pootles - i know the shop, it was lovely. (begins with P right? and the gardens are B?) I will probably think about it later in life, but for now I just can't do it. I haven't got enough money/free cash (see OP) to move. they were very lucky in doing that, but I don't have that freedom. :(

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Original poster
UniqueAndAmazing · 31/05/2013 12:20

April - name change - if you're on a pooter, you can hover :)

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Badvoc · 31/05/2013 12:22

I am sorry.
What sort of stock is it?
Could you set up an amazon and e bay shop?

Tee2072 · 31/05/2013 12:24

Are you a limited company? Because I think there are rules/laws about this sort of thing if you are.

HMRC should be fairly quiet this time of year, I'd give them a ring.

Steffanoid · 31/05/2013 12:26

setting up an eBay shop may be best to clear stock thats nor been sold when the lease is up
sorry your shop has to close Sad

Original poster
UniqueAndAmazing · 31/05/2013 12:27

books, mainly.
I've got some toys and games workshop

got listings on amazon, but not ebay (because everytime I do, it doesn't sell and I get charged for listing anyway Hmm)

no, just sole trader. All I have to do is make sure that I pay all outstanding bills and invoices

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Original poster
UniqueAndAmazing · 31/05/2013 12:27

thanks Steff I'm sorry too :(

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Original poster
UniqueAndAmazing · 31/05/2013 12:28

I'll just keep Amazon listings until it's gone enough to clear the debts.
(and keep my website open)

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Original poster
UniqueAndAmazing · 31/05/2013 12:29

DD is going to have the best fucking book collection the world has ever seen.

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Original poster
UniqueAndAmazing · 31/05/2013 12:29

DH is not so keen, because our house is tiny and a lot of my personal crap is in the upstairs storage rooms at the shop!

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MrsKwazii · 31/05/2013 12:32

No advice, but really sorry to hear this x

CajaDeLaMemoria · 31/05/2013 12:34

Do you have limited liability for any debts etc? Because if you do, I think you'll need to notify administrators, who will then seize stock and use it to pay off the owed money as much as possible. HMRC will be able to guide you through that if you call them.

If you are a sole trader, you'll just need to make sure you can pay the debts. Read stock agreements carefully: you may be able to send stock back to some suppliers, or they may want it back if you cannot pay within 30 days/need a repayment plan etc. Check the small print.

I'm really sorry. This sounds so sad. If you can afford a counsellor, I think it'd be valuable. This type of thing is sure to leave a mark.

BiscuitMillionaire · 31/05/2013 12:38

Might it be possible to sell your stock on to another bookshop at a discount?

If you have a lot of children's books, could you ask the local schools if you can do a book fair in the school hall and pay them a percentage of profits? Our school here (abroad) has done this with a local bookshop. To encourage a love of reading in the pupils? Win-win situation. The school could promote it for you in their newsletter etc.

Original poster
UniqueAndAmazing · 31/05/2013 12:46

what's limited liability for debts? No, the loan is personal and the credit card is personal. It's not secured to anything.

I can send back 5% of my stock to most suppliers, and have already been doing this on a termly basis (ie, you can return stock that's older than 3months old, but no older than 15months)
All stock that is more than 30 days old has been paid for, so belongs to me and no one can claim it. (any returns are done for credit on my account, so in theory, I can use returns to pay my final account bills if there are any)

Biscuit - good tips. I haven't looked into selling onto another shop yet, but I don't think the schools would help - it's their complete and utter lack of use that I'm in this mess in the first place.
In a town where there are 38 schools (of all ages, not including colleges and nurseries), half are on my books and only 5 buy books from me at all (and I include specifically sending pupils to me for events or book buying)

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Original poster
UniqueAndAmazing · 31/05/2013 12:46

sorry, 39 schools

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BiscuitMillionaire · 31/05/2013 14:22

Oh that's a shame. But might it be worth trying to sell the idea to them as a fund-raiser for their school? Instead of asking the school to spend money on your books, you offer them a percentage of the profit on books bought at the fair on their premises? At my kids' school, they even sent home a mini-catalogue you could order from.

Original poster
UniqueAndAmazing · 31/05/2013 14:35

tried it.
they're not interested in anything :(

that's what i don't understand.

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MrsKwazii · 31/05/2013 14:52

Would it be worth contacting the local paper to do a story about how a fabulous independent bookseller may have to close? Could increase footfall for a while maybe?

Original poster
UniqueAndAmazing · 31/05/2013 15:08

They've done that.
In March, I got a lot more custom, and everyone said how sad.
but April and May have been back to crap again.

And they keep putting me in the paper (I'm in the retail association so they ring me whenever they need a quote because i'm the only one who will talk to them Grin )

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MrsMargoLeadbetter · 31/05/2013 15:09

Sorry to hear this...

I second MrsKwazii's suggestion. Our local mag featured a local electrics shop that was due to close due to lack of support. It has managed to keep open thanks to the publicity.

Approach some of the new free schools, they might not have their books sorted out? Although I guess being free they might not use the normal range.

Could you do 'Suspended Books' like the coffee (www.huffingtonpost.co.uk/2013/04/24/suspended-coffee-caffeine-based-acts-of-kindness-_n_3145306.html) and people buy a book for themselves and then another for a local charity that can get the books out to those in need. You get paid for both and 2 books go. A campaign on social media might get the message out?

Fingers crossed something works to at least help you shift the stock/debt.