College Bookstore Operator Seeks Bankruptcy Protection

June 28, 2011

One of the largest operators of college bookstores has become the latest victim of the flight from print and from brick-and-mortar retailing. Nebraska Book Co., which operates about 280 stores on or near U.S. college campuses, announced Monday that it would file for Chapter 11 bankruptcy, after its officials found the company unable to refinance maturing debt, Reuters reported. "The relative decline of [the company's] off-campus stores' performance is due to a combination of on-line textbook sales and, more recently, online rental programs, which have been successful in attracting 'value shoppers,' the debtors' primary customers in the off-campus stores," Nebraska Book's CFO wrote in a bankruptcy filing. The company said it had lined up financing to keep operating as it restructures.

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