After 18 years, Outwrite Bookstore & Coffeehouse owner Philip Rafshoon says the financially strapped store will be closing soon at its current Midtown location because the rent has become too high. He also says he is hoping to relocate the store to a new location.

The store is an iconic gay institution in Atlanta but has gone public in recent months with worries about its financial woes.

A statement from Rafshoon issued this morning:

As you may know, we have been challenged by changes in the book industry and the downturn in the economy. At this time, we regret to share with you that the lease at our current location will soon be coming to an end.

Our landlord has been extremely cooperative and has worked with us longer than expected.  Our departure is amicable. The bottom line is simply we can no longer afford to rent this desirable space regardless of what business model we try to engage.  In the near future, when you visit Outwrite, you will see that “for lease” signs have been installed.

The good news is that we're looking for a new location that will allow Outwrite to continue serving you as Atlanta’s LGBT bookstore. In the mean time, we must reduce our inventory and beginning today almost everything in the store will be on sale for 25% off. Please join us for this special sale as well as two special events:

• Poster Auction: We will be holding a special auction of our collection of posters signed by authors and celebrities to raise funds to help us relocate. Stay tuned to our communications and we will announce the date for this event very soon.

• Anniversary Party: On Saturday, Dec. 3, we will be holding a party to celebrate Outwrite’s 18th Anniversary and show our appreciation for our customers.

Check back at www.thegavoice.com for more details.