Following our psst-psst last Friday, the Seattle Times has the full official story:

Several of [Scarecrow's] employees, with a little help from a friendly neighborhood cinema, are spearheading a drive to convert the store to nonprofit status. This comes with the blessing of the current owners, who are donating the store’s assets — including its legendary inventory of approximately 120,000 titles. A Kickstarter campaign to fund the transition begins this week.

Later this fall, Scarecrow Video the for-profit business will close and a new nonprofit corporation, known now as The Scarecrow Project, will appear in its place. The Grand Illusion Cinema, just a few blocks from Scarecrow, is the fiscal sponsor of the project, lending its nonprofit status during the transition. The Kickstarter drive, lasting a month, has a goal of $100,000; funds will be used as startup money and for preservation and expansion of the collection.

Congratulations and good luck, Scarecrow!