When 2012 draws to a close, so will Nicholas Hoare’s bookstore in Westmount, Quebec, a mainstay in the Island of Montreal city for 40 years.

In June, Hoare received a hand from Westmount mayor Peter Trent, who helped negotiate a temporary rent freeze with the bookseller’s landlord in hopes of saving the Green Street location. Six months later, Hoare has decided not to renew the lease.

On the store’s blog, Hoare writes:

We close with immense regret; but given the parlous state of the publishing and music industries in general and traditional book and CD retailing in particular, the wisdom of renewing our lease in January is moot. Our unorthodox, if otherwise successful, experiment this summer, in which we agreed wholeheartedly to continue operations, on condition that our customers decide whether we go or stay, has more than enabled the community to speak “ and we have listened. In that sense alone, the experiment has worked.

The store will remain open during the Christmas season, and for limited hours in early January to accommodate credits and exchanges.

In April, Hoare closed down its Ottawa location. A third outlet, located on Front Street in Toronto, remains open.