The Village will lose another business in a month. CBX Bookstore on University Avenue will close by the end of February, Alex Griffin, a media representative from Nebraska Book Company said.
Griffin said the decision made by the parent company was to close after a lease extension until February requested to the landlord. The lease would have ended Nov. 30, 2011.
Deb Wise, property manager for the building where CBX is located, said she was told the business is going through a financial restructuring.
"We've tried to negotiate," she said. "But their lease expires by the end of February and they are not renewing at that location."
Nebraska Book Co., the parent company of CBX, filed for Chapter 11 bankruptcy in July 2011. Nebraska Acquisition Corp., the holding company for Nebraska Book Co., released a statement on Thursday saying it would close seven off-campus stores and that it would continue to evaluate the performance of 40 other off-campus bookstores that are underperforming. CBX Bookstore in Muncie was not on either list, Griffin said.
According to the press release, the other stores will close sometime between mid to late February and remain open January for the back-to-school rush. The evaluation of other bookstores will continue by the end of April.
"Closing bookstores is not an easy decision, as our dedicated employees and campus communities are being affected," Barry Major, the company's president, said. "Nonetheless, we have an obligation to do what is in the best interest of our company. The Chapter 11 process allows us to initiate store closings as it will improve our overall financial performance; something that will be good for the company."
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