Nebraska Book Will Continue to Evaluate Underperforming Stores
NBC Acquisition Corp. and its subsidiaries, including Nebraska Book Company, an industry provider in solutions for the college bookstore marketplace, announced the company’s plan to close seven of its off-campus bookstore locations by filing a Notice of Rejection of Unexpired Lease with the U.S. Bankruptcy Court for the District of Delaware.
The stores will remain open for the back-to-school rush this January and will close in mid-to-late February 2012. The company also announced that it obtained an extension from approximately 40 additional off- campus stores to continue evaluation of performance and negotiation efforts with landlords through April 30, 2012. The company’s on-campus bookstores are not impacted by this announcement.
After entering the Chapter 11 process, Nebraska Book Company initiated a comprehensive review of its 138 off-campus bookstore locations to ensure that each store was beneficial to the future growth of the company. The company obtained a consensual extension of the court-ordered deadline to assume or reject real-property releases from a number of the Company’s off-campus locations to continue reviewing performance through April 30, 2012.
The seven off-campus stores that will be closed include: GotUsed Bookstore — Pittsburgh, PA; The College Store — Akron, OH; Spirit Shop — Lubbock, TX; Traditions Bookstore – Woodstone — College Station, TX; Chattanooga Books — Chattanooga, TN; Madison Textbooks — Madison, WI; and Florida Book Store Volume III — Gainesville, FL.
Previously on abfjournal.com: