Andy Ross, who owns Cody's, says that the store has lost over $1 million/year trying to keep the store open and that they just can't support it anymore. Foot traffic is down, maybe because older readers don't like going to Telegraph Avenue, and sales have been declining for the last 15 years because of chains and the internet. The few book browsers at the store that the reporter found all complained about how Berkeley let Telegraph "go to seed" and abandoned Cody's in the process. Another guy said he'd bought maybe 600 books from Cody's over his lifetime, and described himself as "very unhappy" about the closing.
The Fourth Street store and the San Francisco branch will stay open, which -- don't get us wrong -- is great -- but it's still just not the same.