Company with 5 college bookstores in Ann Arbor, Ypsilanti files for bankruptcy
The parent company of five of the largest college bookstores in Ann Arbor and Ypsilanti filed for Chapter 11 bankruptcy protection Monday.
NBC Acquisition Corp.'s Nebraska Book Co. filed for bankruptcy in a bid to restructure $450 million in debt and reemerge as a financially lean company.
The firm owns Campus Book Supply, Mike's Bookstore and Ned's Bookstore near Eastern Michigan University's campus in Ypsilanti and Ulrich's Bookstore and Michigan Book and Supply near the University of Michigan's campus in Ann Arbor.
The company, which has about 280 stores and some 2,500 workers, said it would continue to operate its stores and that the filing would have little impact on customers or workers.
“This agreement solves balance sheet issues we have been addressing for months, and we are clearing a path toward continued growth, company president Barry Major said in a statement. “It will remain business as usual, and we will continue to move forward armed with a number of great strategies that will continue to make us a market force."
The move comes four months after Ann Arbor-based bookstore chain Borders Group Inc. filed for Chapter 11 bankruptcy protection. Borders has until Friday to submit the name of a possible acquirer — likely to be a private equity firm.