October 05, 2005

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Classifieds

Publication Date: Wednesday, October 05, 2005

By Rory Brown

Instead of remaining shut forever, the doors to Kepler's Books and Magazines in Menlo Park will reopen this Saturday, October 8.

On Monday morning, October 3, Clark Kepler and his newly established board of directors signed a new lease with the Palo Alto-based Tan Group, the landlord of the store's Menlo Center site at 1010 El Camino Real. Official news of the store's reopening came Monday afternoon.

"The Tan Group opted to forgo a substantial amount of money in order to bring Kepler's back," said Daniel Mendez, a Kepler's board member and founder of the 17-person investor group self-labeled the "patron circle."

"I appreciate the Tan Group's willingness to renegotiate our lease, paving the way for the bookstore's reopening," said Mr. Kepler in a press release.

"The community really swung into action and saved the store," said Mayor Mickie Winkler. "I understand Farber and Joe Tan have been quite helpful in the settlement."

Although the terms of the lease have not been disclosed, David Cowan, a general partner of the Menlo Park-based Bressener Venture Partners and a member of the patron circle, said the Tan Group made very favorable concessions to Kepler's.

"[The Tan Group] wanted to be convinced that if they made concessions, [Kepler's] was really going to be successful," he said.

Mr. Cowan met with Mr. Mendez and Mr. Kepler the day after the store closed, and advised Mr. Mendez how to structure investments in Kepler's.
Members of the Tan Group did not make themselves available for comment.
Mr. Kepler closed the bookstore August 31, blaming the economic downturn.
On Saturday there will be a community rally at 11 a.m. outside the store, followed by the reopening.
There will be several announcements at the rally, including a schedule of upcoming author events and details of the bookstore's new membership program, "Kepler's literary circle," according to a press release.

People who join the membership program at the rally will be part of the charter membership, and receive a 5 percent discount off the price of books purchased that day. They will also receive other benefits depending on their membership level, according to the press release.

Before the membership program goes into effect, members of the patron circle are helping the store get back to the business of selling books.

"We're in the process of finalizing the pledges from the patron circle," said Mr. Mendez. "We're turning the pledges into investments." The patron's circle will be investing over $500,000, according to Mr. Mendez.

Investors will own 70 percent of the store's shares, but Mr. Kepler will be the largest single shareholder, owning the remaining 30 percent, he said in a September 19 conference call.

"[Mr. Kepler] is the CEO, and will make the day to day decisions for the store," said Mr. Mendez. "If he and the board decide on a specific goal, [Mr. Kepler] will decide how to achieve that goal, and the board will have expectations of that goal being met."

When the bookstore's doors reopen, returning customers will notice the store's new layout.

Kepler's will occupy the same space, but the store will be reconfigured to be a more user-friendly for customers, said Mr. Mendez.

"We're receiving help from an expert in independent bookstores," said Mr. Mendez. "There will be changes to the layout; they're techniques that have worked in other stores. But the store will still be true to the heart and soul of Kepler's."

While efforts are focused on investments and the membership program, there are no immediate plans for the Kepler's Web site. "We're looking for feedback from users so we can make the site better," said Mr. Mendez. "It will have information about volunteer opportunities at Kepler's, but you won't be able to buy books online for at least several weeks."

In the meantime, those interested in volunteering at Kepler's are being pointed to savekeplers.com, a site created by Google Inc. employee and frequent Kepler's shopper Rick Opaterny.

"We have posted a list of volunteer opportunities for those community supporters who want to help us get the store ready, provide office support, assist with membership sign-ups or underwrite an event," said Anne Banta, the chief marketing officer for Kepler's in a press release.

There are already more than 300 people who have volunteered to help Kepler's, according to the release.

INFORMATION

A community rally is scheduled for 11 a.m. Saturday, October 8, outside the store in the Menlo Center, located on El Camino Real between Santa Cruz and Ravenswood avenues. Following the rally, Kepler's will be reopened. A membership table will take membership pledges all day outside the store. For more information, check savekeplers.com.

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