Store founder Wilkes Bashford told WWD the store closing is the result of the recession and reduced tourism. "Regrettably, our Carmel store is a victim of the downturn in the economy ... While we are saddened by the closure of the Carmel store, it provides the opportunity to redirect our energies and resources to our downtown San Francisco flagship and Palo Alto stores." The Monterey Peninsula depends heavily on tourism to support many of its businesses, which have suffered in the recession. Full Article at Shopping Blog