Beloved bookstore Poor Richard’s enters new chapter with new owners

This article was written by KRDO13 intern Melissa Ramirez.

COLORADO SPRINGS, Colo. (KRDO) -- Richard Skorman and Patricia Seator, the longtime owners behind the iconic Poor Richard's bookstore, toy store, and restaurant, have sold the business to Joe Cole and Sarah Gibeau-Cole, a local couple committed to preserving the spirit of the beloved community hub.

The decision to sell came after careful consideration, according to officials.

Skorman and Seator said they chose the Coles because of their shared values, deep community roots and commitment to preserving what makes Poor Richard's special.

The transition was made possible in part by John Weiss through the Catalyst Fund, a mission that focuses on helping key businesses pass community assets to the next generation, says Poor Richard's.

The Coles say they plan to maintain Poor Richard's as a place for families to gather, artists to connect, activists to organize, and children to grow up wandering the aisles.

Poor Richards introduces Joe Cole as a familiar face in the community, who spent decades as a News Director and Anchor for FOX21, where he focused on local storytelling and community issues. They say Sarah Gibeau-Cole is a Colorado Springs native who grew up visiting Poor Richard's and credits those early experiences with shaping her connection to the space.

The couple confirms they plan to work full-time in the business and maintain its existing staff.

Despite the ownership change, Poor Richard's says customers can still expect to see Skorman on a day-to-day basis as he plans to remain involved with the business.

Poor Richard's has announced a public celebration on May 3 to honor the legacy of the longtime owners and welcome the new ones.

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