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In an open letter, the owners Alan Beatts and Jude Feldman explain that they can’t pay San Francisco’s new $15 minimum wage (a minimum wage that they support). That increase will raise their payroll costs by 39% and their overall costs by 18% — and since they can’t raise the cost of their books (because they’re pre-priced, and retail priced books are already a tough sell in the age of Amazon), the only way they could cover the increase would be to stop paying themselves, or fire almost everyone and work insane hours. The cafe attached the store will stay open for the foreseeable, since those prices are flexible and can be raised to account for their increased overheads.