Modern Times Bookstore Collective, the bookstore that called Valencia Street home for 20 years before moving to 24th Street in 2011, will close its doors mid-November. In an unsigned press release sent out this morning, staff explained that despite their best efforts, "the store could not sustain itself following its move to 24th Street." This marks a sad end for a business that was as much community gathering space as purveyor of radical texts.

"As those closest to us know, we have tried every possible avenue of support to sustain the store since its displacement from Valencia Street in 2011," employees wrote last night in a Facebook post. "Though we have persevered out of love and duty and a willingness to continue to fulfill our mission, we are the first to admit the store is not operating at the level we would like and we can no longer serve our customer's needs as well as those of our workers."

SFist reached out to Modern Times in an effort to determine if any one particular incident — a rent increase, for example — is to blame. "If there is one factor, it's gentrification," we were told via email by a spokesperson who declined to be identified by name. "Modern Times was not meeting its costs since it was displaced from Valencia Street in 2011."

The press release and Facebook post second this, and suggest that the cumulative costs of running a physical store on 24th Street were just too much. This is backed up by El Tecolote, which reports that the store has operated at a deficit for ten years and finally could no longer continue in operation.

"The Mission community is very saddened to hear the news that Modern Times is closing its doors," Erick Arguello, the Co-Founder and President of the Calle 24 Latino Cultural District, said in a statement. "Modern Times has been a tremendous asset to the city as a whole, from its early days responding to the Vietnam war through the gay liberation movement and through today's fight with gentrification…Calle 24 has been honored to have had them for the last 5 years in the heart of the Mission District."

This is not the first time that Modern Times has faced financial difficulties. In 2010, owners Leah, Kate, Kermit, Peta and Ruth reached out to customers and asked for an influx of cash to save the store. More recently, we learned of financial trouble last November when Capp Street Crap reported the business was for sale. It was reported at that time that Modern Times's lease was set to expire in early 2016, however a store spokesperson clarified this morning that this is inaccurate — "MT is ending on good terms with its landlord," the unnamed spokesperson for the store informed us.

A closing date of November 15 has been set, and inventory will be marked down as of October 15. A closing party is scheduled for the 22nd of this month.

Related: Modern Times Books Needs Your Help