The reason for the closure is the lease, according to management. But increased competition from online book retailers and digital books bought directly on e-readers is suspected of playing a large role.
The closure continues a trend of brick-and-mortar book sellers ceasing operations, with at least four notable stores closing in Toronto in the last few months, including another location of Chapters in Bloor West Village, which closed in the fall.
"We, like every great retailer, regularly review, assess and negotiate lease arrangements for all of our store locations when the leases near expiry. After lengthy negotiations, we have made the difficult decision not to renew our lease for Chapters Festival Hall at John and Richmond in Toronto, and will close the store, effective May 30, 2014," management said in a statement.
Chapters, a subsidiary of Indigo Books and Music, is a big-box chain book seller with around 230 stores across Canada. It began as a retailer after the closure of Coles and SmithBooks before being bought out by Indigo in 2001.