Nebraska Book wants to sell and lease back building

2014-04-25T14:00:00Z 2015-06-11T14:57:03Z Nebraska Book wants to sell and lease back buildingBy RICHARD PIERSOL / Lincoln Journal Star JournalStar.com

One of Nebraska Book Co.'s two buildings in Lincoln's south industrial park is listed for sale. 

But the textbook and bookstore services company, founded in Lincoln in 1915 and reorganized in bankruptcy in 2012, has no intention of leaving town, said Jon Otterberg, chief financial officer. The company moved some of its work and jobs to a Chicago suburb this year, leading to some speculation. 

Otterberg said Nebraska Book is interested in unlocking some cash for redeployment with a sale or sale and leaseback of one or both of its warehouse and office buildings at 4700 S. 19th St. and 5420 S. 19th. The 4700 building is listed for $4.9 million. 

"We are not leaving Lincoln," he said. "We will always be here; we own both buildings.  Both are office and warehouse and we don't need two. ... It's just an efficient use of cash to reinvest in the business." Neebo, Inc., beneficial owner of Nebraska Book Co., has been aggressively paying down debt since it emerged from bankruptcy. 

The plan also doesn't imply a reduction in force in Lincoln, Otterberg said.

The company employs about 1,800 people total, about 600 in Lincoln, Otterberg said. Those numbers ramp up seasonally. 

Neebo Inc. has opened a new office in Naperville, Ill., where an unspecified number of jobs were moved from Lincoln earlier this year.

Employees were told last October the company's marketing, general merchandise, merchandise planning and Internet platform development functions would be moving to Naperville early this year. Naperville is a suburb of Chicago.

Neebo owns two stores, Nebraska Bookstore in Lincoln and another in Mankato, Minn., and operates 214 stores. 

Reach the writer at 402-473-7241 or at dpiersol@journalstar.com  Twitter@RichardPiersol

Copyright 2015 JournalStar.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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