Plans are still pending on the fate of the nation’s oldest LGBT bookstore, Giovanni’s Room.
Various media outlets have reported that the sale of Giovanni’s Room would be finalized by Aug. 1; however, owner Ed Hermance said such information is inaccurate and premature.
“The reporter who I talked to agreed she would not post anything until something is signed,” he told PGN.
Hermance announced last year that he planned to retire and sell the business and buildings, at 12th and Spruce streets. Unable to finalize a sale agreement, he closed this past spring but later announced he was in talks to sell the business to an LGBT-related organization, which he has declined to publicly identify.
Hermance told PGN this week that the sale could be finalized by September pending the potential buyer’s plans. He is still in talks with the organization to smooth out the terms of the agreement.
Hermance added that his lawyer is also on vacation for two weeks, which is further delaying efforts to reopen the store.
The LGBT bookstore was founded in 1973 and carried more than 48,000 titles.
Giovanni’s Room remains closed until a decision is reached.
From our media partner: PGN-The Philadelphia Gay News.