With the major industry news that Nebraska Book Company is ceasing operations Wednesday, March 1, ICBA intends to provide updates from Nebraska Book Company as they become available, as well as information on alternative solutions to our Members as it is available. ICBA is saddened by these developments and we wish those who have served the industry at Nebraska Book Company well.

CONTINUOUS UPDATES

Update March 3, 2:15 PM CT
-For ICBA Member Stores affected by Nebraska Book Company’s unfortunate closure, we have compiled how some of our Vendor Partners are available to assist you during these challenging times. Here is a summary of options available as you sort through your needs and navigate your go forward strategies. WHEN LOGGED IN via the Member Dashboard, you will see Member-exclusive links to details of each Vendor Partner's response and available solutions for ICBA Members.

Texas Book Company
Key Contact: Mike Kelly
ICBA Annual Vendor Partner (AVP) & Conference Partner

  • Overstock/Returns: Offering competitive bids on books ready to return.
  • Buyback: TBC stands ready to support as many schools as they can
  • Wholesale Partner: No exclusive contracts required available to support stores and their students.


Vindy
Key Contact: Aaron Johnson
ICBA Annual Vendor Partner (AVP) & Conference Partner

  • Need Books: Access to millions of books and able to source needed titles.
  • Overstock/Returns: Can facilitate selling books to other Campus store or students with a need.
  • Offering a significant short-term fee reduction to support those impacted by this unfortunate circumstance.


Franklin Media
Key Contact: Hunter Saunders or Chris Miller
ICBA Annual Vendor Partner (AVP) & Conference Partner

  • Deadstock/Overstocked Textbooks: Available to buy textbooks through a bid can facilitate selling books to other Campus store or students with a need.
  • Wholesale Returns: Send list/invoices for return shipments to receive a quote.
  • Buyback Services: Quotes can be provided for rental textbooks and a buying guide will be available in the coming weeks.
  • Need Books: Submit want-list information via email for a quote.


HokuBooks
Key Contact: Chris Bradley
ICBA Conference Partner

  • Overstock/Liquidate: Email overstock list to receive a quote.
  • Need Books: Great supply of used books inventory with a significant savings opportunity.
  • Free Shipping: available with ground labels


Update March 2, 2:30 PM CT
-Nebraska providing this information for customers who owe payment to Nebraska:
Payment Address:
Nebraska Book company Inc.
PO Box 200767
Dallas, TX  75320-0767

ACH:
Wells Fargo Bank
Acct 4121357107
Routing 121000248


Update March 1, 4:10 PM CT
-Nebraska Book Company states that any further communications from its customers should be directed to: nebookcomm@gmail.com

-Nebraska states: "We are proceeding through an orderly liquidation process in order to pay off any outstanding debts. We are unable to give any sort of amounts, timelines, or any other details at this time." 


Nebraska’s announcement was sent to customers on February 27

Dear Customers,

It is with a very heavy heart that we have made the very difficult decision to cease operations effective March 1, 2023. It has been our pleasure to serve the college store community for the last 108 years. We know that the timing and abruptness might leave you with questions. We will attempt to answer all your questions over the next several days.

In the meantime, we would appreciate your patience and understanding as we navigate these very difficult times.

Sincerely,
Nebraska Book Company


Nebraska has since communicated to its customers on February 28 regarding returns

The first quick update that we have for you is to please hold sending any returns to us pending further communication. Additionally, any shipments received after tomorrow will be returned to sender. Again - as we have more information, we will communicate it out.


Local News Coverage of Nebraska’s Announcement – Lincoln Journal Star, February 27

Nebraska Book Co. in Lincoln shutting down; 114 to lose jobs (journalstar.com)

One of Lincoln's oldest and most well-known businesses is shutting its doors.

Nebraska Book Co. said Monday that it is closing Wednesday, ending more than a century of providing educational materials to the country's college students.

Jennifer Goetsch, vice president of sales and marketing, said the bulk of the company's 114 full-time employees will be out of a job as of Wednesday, although about 30 will be retained for an additional 4-6 weeks to help liquidate the company. She said employees will not be receiving any severance.

Nebraska Book has been in business since 1915, and for decades it dominated the college textbook market, selling books at bookstores on hundreds of college campuses across the country.

But the company fell on hard times in the past couple of decades as it faced stiff competition from the internet and large booksellers such as Amazon.

It declared bankruptcy in 2011, and then in 2015 it made a series of moves, including closing its flagship Nebraska Bookstore in downtown Lincoln, selling off its store portfolio and selling its corporate office space at 4700 S. 19th St., which it leased back.

Things seemed to be turning around in the fall of 2018, when Nebraska Book announced it was expanding its headquarters and adding 150 jobs after forming a new company that provided technology services to college bookstores and retailers and landing a new distribution deal with Follett Corp., the company to which it had sold its campus bookstores three years earlier.

COVID-19 apparently killed that rebound, however.

In an email to employees, excerpts of which Goetsch provided to the Journal Star, the company said the pandemic had done in the business.

"Unfortunately, when the pandemic forced students off campus and into using digital content, we sold through much of our inventory and have not had sufficient funds to replenish it," the email said. "Lack of inventory is the cause of the shortfall in sales we required to maintain the business."

The email said Nebraska Book has been close to shutting its doors several times over the past couple of years.

"Please know that if there was a viable option to keep this great company going, we would have seized it, but we simply ran out of capital and time," the company said in the email.

Nebraska Book Co. has been majority owned by Concise Capital Management, a Miami-based financial firm, since 2020.

Officials at Concise could not be reached for comment Monday afternoon.


Statement on Nebraska’s Shut Down from PrismRBS (Harris), formerly a part of Nebraska Book Company, acquired and fully independent of Nebraska Book Company since May, 2022)

A Strong Future for PrismRBS

Yesterday, we received the news that Nebraska Book Company would be ceasing operations effective March, 1, 2023. We are deeply saddened by this news and wish our previous colleagues well.

After the release of this announcement, we have received multiple emails and calls questioning the stability of PrismRBS and how this impacts the products and services we provide. We want to be very clear that PrismRBS is in no way affected by the news related to Nebraska Book Company, and to the contrary, under Harris, we are well on our way to fulfilling our goal of being the best retail solution for independent college stores. PrismRBS was acquired by Harris in May of 2022, and is operated as an independent solutions provider with a team dedicated strictly to the independent college retail and auxiliary market. We will be working on additional buyback options for our system users and will share these changes at a later date.

To learn more about the PrismRBS acquisition by Harris Computer please view the press release here.

Again, we are saddened to hear of the closing of Nebraska Book Company, this change displays the ongoing disruption in the college retail industry. PrismRBS is here to help you, our customer, navigate these challenging times.

Please reach out to info@prismrbs.com with any questions or concerns.

 

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