One of Toronto's oldest bookstores is calling it quits
There's a for lease sign in the window of Eliot's Bookshop, which has been at 584 Yonge St., for the past 22 years.
Now, however, owner Paul Panayiotidis is ready to throw in the towel thanks to rising property taxes along Yonge Street that have been pricing out local businesses, including House of Lords.
Noooooooo pic.twitter.com/zIxG7AxfS5
â Katia Osokine (@KatiaOsokine) August 11, 2017
Panayiotidis says his property taxes have doubled to $4,000 per month and it's no longer feasible for him to run his three-storey book store.
While Panayiotidis owns his building, and doesn't pay rent, he notes it still doesn't make sense for him to keep his store open. After 40 years in business (he started in another location), he says it's also time for him to retire.
He put a for lease sign up about 10 days ago and explains the plan is to close Eliot's, which is named after T.S. Eliot, 60 days after he finds a new tenant.
