The store almost closed earlier this year due to high rent and pressure from online and big box retailers.
A note on the store's blog announces it will be closing "for good."
"We close with immense regret," wrote owner Nicholas Hoare in his bookstore's blog.
Over the summer, the community rallied to keep the bookstore open.
But Hoare said it's no longer feasible to keep the store going given the state of the publishing industry. He said the store will close on New Year's Eve.
Hoare thanks his landlord and Westmount mayor Peter Trent for their help and accommodation. He also thanks staff and customers for their "unwavering support" over the years
The Toronto store branch will remain open.