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It’s Friday, August 9.
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Welcome to the weekend.
On Tuesday, Letters Bookshop announced that it is transitioning into a worker- and community-owned cooperative.
The new iteration of Letters, called Letters Community Bookshop, is offering $116 ownership shares, which come with voting rights, an ownership stake in the shop, and other perks. The price tag is a homage to the store’s address, a place its owner, Land Arnold, hopes Letters will continue to call home for years to come. There’s also an investment opportunity for preferred shares in increments of $250 with a yearly dividend.
“It’s a response to a lot of things,” Arnold told the INDY. “I think it is the pandemic, and I think it is just trends in retail but it’s also personal to me. I have been in bookselling for a long time, and I had a kid a couple of years ago, and that kind of changed how I value my time.”
William Page, a long-time employee at Letters, will become the bookshop’s general manager. Arnold will serve as the president of the board until early next year when elections for the board will be held and a new president elected. Until then, Arnold says he will work with Page to allow for a smooth transition.
“There’s so much potential still in the shop that hasn’t been reached because I haven’t had as much focus,” Arnold says.
Read more about the next chapter in Letter’s story here.
Have a great weekend, readers.
—Justin
Durham
Queer film festival OutSouth is in its 29th year.
A Duke scientist is getting FDA approval for a new brain cancer drug he developed.
Wake
ICYMI: Wake County Schools teachers and other workers are receiving raises.
Orange
The UNC Board of Governors will select a new chancellor today. Many expect interim chancellor Lee Roberts to secure the permanent position.
North Carolina
A complaint filed this week alleges that a politically connected nonprofit used its tax status to improperly channel money to Republican former state lawmaker Jason Saine.
Today’s weather
Rainy with a high of 86 degrees.
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