Lambda Owner Takes Over NYC's Oscar Wilde Bookshop

Sometimes there's more to an investment than just profits. That was certainly the case when Deacon Maccubbin, owner of Lambda Rising, decided to take over operations of the New York City independent Oscar Wilde Bookshop.

Oscar Wilde Bookshop, a landmark gay and lesbian bookstore, was set to close down for good at the end of January, before Maccubbin stepped in and gave the bookstore a reprieve. He did so not because the store was profitable -- it wasn't -- but because the bookstore was historically significant, he told BTW. "This was the very first gay bookstore," Maccubbin explained. "That's too important a factor to let it die."

Oscar Wilde Bookshop, which was founded by activist Craig Rodwell in 1967, also has a personal significance for Maccubbin, who first shopped at the store in 1972. It inspired Maccubbin to open his first bookstore in 1974, he said. Today, he has Lambda Rising bookstores in Washington, D.C.; Baltimore; Rehoboth Beach, Delaware; and Norfolk, Virginia. And, despite an ailing economy, "all four stores are doing well," he said.

Conversely, Oscar Wilde Bookshop was not doing well -- the bookstore had lost money the past six years, according to Maccubbin, who said that he heard in early December 2002 that owner Larry Lingle was planning to close the store. "I [called Lingle and] asked him if there was anything we could do to help keep the store open," he said. "He said no. He was tired of six years of losing money. He seemed to accept it, and wanted to just close the store and walk away." So, Maccubbin finally asked if he could purchase the store.

Maccubbin stressed that, technically, he didn't buy the bookstore -- he purchased Oscar Wilde Bookshop's remaining stock, which amounted to approximately $30,000 in mostly books and some sidelines, and paid "an extra amount for the name," he said. "One of the good things was, there was no debt hanging over the store." The deal was sealed about a week and a half ago, he said.

Maccubbin told BTW that he plans to bring about "a lot of changes" to Oscar Wilde Bookshop. "The first order of business is to stock the store, as deep and as broad as possible in all areas," he explained. He plans to double, or even triple, the magazine selection, which currently stands at 25 magazines. Also, since Lingle held onto the rare book section rather than sell it with the store's stock, Maccubbin is bringing in is own selection of rare and out-of-print books. "The primary goal is to keep things in stock and on the shelf," he said, and added: "And we won't be hampered by budget restrictions."

While Maccubbin won't guarantee profits, he said, "The store was losing about $25,000 a year, and I guarantee we won't lose that much." He predicted that, if revenues do not increase, in a worst-case scenario the store might lose about $15,000 per year. But he's confident that he can increase the store's sales and at least pare losses to a manageable level, though "there are no magic bullets," he said. "The bottom line is, I believe … Oscar Wilde Bookshop is important enough to invest $15,000 per year." --David Grogan