Ron Newman ([personal profile] ron_newman) wrote in [community profile] davis_square2013-03-29 01:19 am

Anyone want to buy Mind's Eye Yarns in Porter Square? Otherwise it will close soon.

from http://www.mindseyeyarns.com/2013/03/28/shop-for-sale/ , posted 3/29/13:

Shop For Sale

Dear friends,

Today, I have some bad news. After a great deal of thought, I have decided that the time has come for me to get out of the yarn business. As many of you know, my life has changed drastically over the last two and a half years. After spending my entire adult life single and childless, I gained custody of my now eleven year old nephew in the fall of 2010. This event changed everything in my life. Time, love and energy that I had always been able to fully commit to the shop is now needed by my nephew. I didn’t and don’t begrudge it to him one bit. He is the light of my life. However, the shop began to suffer.

Last spring, it became clear to me that the shop was not going to be able to support us in a way that allowed for any kind of savings for college or retirement. For that reason, I began a graduate program in accounting over the summer. This took even more of my time and energy from the shop. My plan at that time was to eventually get full time work as an accountant and hire people to run the shop for me. Unfortunately, for various reasons, sales have continued to decline and have dropped precipitously since the first of the year. I can now no longer afford to pay anyone to replace me. This is especially a problem since I am looking for an accounting internship and need to be available to take whatever opportunity comes along.

Therefore, rather than try to keep the shop going at great cost to myself and for little return, I have decided to move on. Rather than close immediately, I would like to take the month of April to offer the shop for sale to anyone who would like to purchase it and keep it going. I am happy to discuss the details with anyone who is interested. Please email me or give the shop a call. Just to warn you, running a business like this is a huge job and you have to be good at many, many things. I would recommend that a group of people with a variety of skills and interests would be the best bet for turning this place around and making it successful again. I, of course, would help you in any way I can.

I cannot keep the shop on the market forever. If I do not receive a very serious offer for the place by April 30, I will begin the process of selling off everything and closing up. So, if you are interested, don’t waste any time. I would ask all of you to spread the word among your networks to make sure as many people as possible hear about this opportunity.

I want to take this opportunity to thank you, my loyal customers, for all the wonderful years we’ve had together. Owning this business has been my dream job and I’ve enjoyed it very much. Being part of your creative process has been eye opening and delightful and I thank you for it.

No matter what happens, I will continue to dye yarn under the Mind’s Eye Hand Dyed label and sell it on Etsy. Also, all of this year’s Sock Club members will receive their remaining skeins on schedule.

All my best,

Lucy

[identity profile] intuition-ist.livejournal.com 2013-03-29 12:04 pm (UTC)(link)
Does she have a ballpark figure in mind? Are we talking 200k or 800k, or ?

[identity profile] clevernonsense.livejournal.com 2013-03-29 01:21 pm (UTC)(link)
I would imagine more like buy all the stock at wholesale cost and that's it. sma businesses are not worth much. a fri d of mine bought a shop for $5k in manhattan that had a favorable lease.

[identity profile] pekmez.livejournal.com 2013-03-29 01:26 pm (UTC)(link)
Also speculating wildly, but you'd also have to factor in the cost of taking on the lease and the cost of having employees to keep the place open.

[identity profile] clevernonsense.livejournal.com 2013-03-29 03:59 pm (UTC)(link)
yep, those are usually bargaining chips to keep the store sale low since there are so many costs to consider. also, despite its (likely I assume) mediocre quality, I wonder how a yarn shop can compete with michaels so close
nonelvis: (KNITTING bunny)

[personal profile] nonelvis 2013-03-29 05:51 pm (UTC)(link)
Um, Mind's Eye's stock was hardly mediocre. Lucy stocked beautiful yarn she spun and dyed herself, as well as many high-quality commercial yarns. Michael's may well have had an impact on Mind's Eye's sales, but there's not a lot of overlap (if any) in their stock.

ETA: (Unless you meant Michael's stock is mediocre? It's very hard to tell from your sentence.)
Edited 2013-03-29 17:52 (UTC)

[identity profile] clevernonsense.livejournal.com 2013-03-29 07:23 pm (UTC)(link)
I thought I was clear that I was referring to michaels as mediocre, but I acknowledge my vague statement :)
ursamajor: people on the beach watching the ocean (a place called home)

[personal profile] ursamajor 2013-03-29 06:00 pm (UTC)(link)
Actually, as an off-and-on knitter, I find the yarn at Michael's to be of lower quality than that I buy at Mind's Eye (and Wild and Woolly, and Gather Here, and other local yarn and craft shops). But yes, I do think that it's not just Lucy's attention needing to shift elsewhere causing a downturn in business to her store; Michael's is a national chain, and can buy (cheaper, lower-quality) yarn in quantities that she can't at a lower price point than she can get at her volume. And enough people are making price their primary consideration that it cuts into the business of the local indie niche stores, even if the latter sell higher-quality product.

[identity profile] clevernonsense.livejournal.com 2013-03-29 06:48 pm (UTC)(link)
I think a big portion of shoppers are like my mom, who really just likes to knit pseudo disposable things as gifts and she buys all her yarn from Walmart or places like michaels (and just with coupons!) I think that represents a decent size of the market (also, new knitters might be more inclined to just buy cheap stuff to practice with?)

I'm not a knitter at all, I'm just pointing out a sticky marketing challenge this shop presents. it might be a very high end shop that offers classes and the such could do well. it's be nice to have more small, real businesses, and fewer tacky/trashy chains :)

[identity profile] prunesnprisms.livejournal.com 2013-03-30 12:23 pm (UTC)(link)
None of the younger knitters I know do that. They are all about meeting the sheep and the dyers and going to festivals and such. Very different vibe.

[identity profile] clevernonsense.livejournal.com 2013-03-30 03:45 pm (UTC)(link)
if you think that's the norm you should get out of camberville more often

[identity profile] prunesnprisms.livejournal.com 2013-03-30 04:46 pm (UTC)(link)
And yet, when discussing a yarn store in Camberville it might be a relevant view.

[identity profile] eveninparadise.livejournal.com 2013-04-05 08:44 pm (UTC)(link)
Meeting... the sheep? Please say this is hyperbole.

[identity profile] prunesnprisms.livejournal.com 2013-04-05 10:53 pm (UTC)(link)
No, it's not.

[identity profile] contradictacat.livejournal.com 2013-03-29 01:38 pm (UTC)(link)
That's really a shame- with the gradual disappearance of the small Local Yarn Store, it's getting harder and harder to find quality yarn these days. First Wolcott, then Windsor Button and now Mind's Eye- not only is it sad when a beloved local small business closes, it's also making it harder for the crafty types to find good supplies.

[identity profile] geekpixie.livejournal.com 2013-03-29 04:42 pm (UTC)(link)
Gather Here (in Cambridge) seems to be doing alright, but she's also got a booming fabric and class business going on.
ext_12410: (the dean show - son of a...!)

[identity profile] tsuki-no-bara.livejournal.com 2013-03-30 01:51 am (UTC)(link)
windsor button closed?? when? it was my favorite place to get ribbon! (i don't knit, but i make books, and ribbons make nice built-in bookmarks.)

[identity profile] mollfrey.livejournal.com 2013-04-02 01:02 am (UTC)(link)
It's still open, but in the throes of a going out of business sale. I went over on Saturday to see how much stock was still on the shelves and there's quite a bit. Things are marked down 20-50% at the moment.

[identity profile] rozhinka.livejournal.com 2013-03-30 01:48 pm (UTC)(link)
If you hurry, you can probably pay a last visit to Windsor Button. I was there early last week and Stan said they had about another week or a little more. I would call to check.

A Good Yarn in Brookline and Snow Goose in Milton are other recent casualties.
Edited 2013-03-30 13:48 (UTC)

[identity profile] samcoren.livejournal.com 2013-03-30 02:12 pm (UTC)(link)
I'm not a knitter myself, but I always recommend Mind's Eye to my friends that do because you just can't really get yarn like that anymore and Lucy has a really lovely shop. People do make the trek to shop there from other parts of Boston. It would be a shame to lose such a unique business that brings people to Porter.