McKay's bookstore is closing in Knoxville after 40 years because the owners sold the property.

The store's last day in business on Papermill Drive is May 3. The store is no longer purchasing used items from customers, according to its website about the closure.

"It has been an honor to be part of the Knoxville community for the last four decades. If you bought, sold or traded with us, you helped keep books and media on the shelves of people who appreciate it, and we are so thankful for your support!" the statement says.

McKay's, which was founded in North Carolina in 1974 and has been in Knoxville since 1985, has attracted a devoted fan base with a menagerie of inexpensive used items, from anime to movies to collectibles.

Other McKay's locations around the Southeast will remain open: Chattanooga and Nashville, and Winston-Salem and Mebane in North Carolina. The store left open the possibility of finding a new home in Knoxville in the future.

"McKay’s is always changing and growing, and we’re taking time to evaluate our next steps. Please stay tuned for further announcements," the website says.

For now, the Knoxville store's hours will remain the same as it winds down. No big closing sale is planned, the website says, but that could change.

Those who have credit slips, which are a popular form a payment for items sold at the store, can use them before the last day or after that at other McKay's locations.

Customers who already dropped off items can collect their payment while the store is open.

A major Knoxville hotel developer paid the owners of McKay's bookstore $4.25 million for the store and adjoining parking lot, according to Knox County records.

Nick Patel of Turkey Creek Hospitality, which owns at least 10 hotels in Knox and Sevier counties, agreed to the deal Feb. 23. Patel also owns the used car lot next to McKay's. He purchased that property in 2023 for $2.4 million.

The McKay's property is split into two parcels, the lower parking lot and the land the large building sits on.

In all, the McKay's property was appraised for $3.4 million, according to county records.

This article originally appeared on Knoxville News Sentinel: McKay's used bookstore is closing in Knoxville - what we know