Co-op struggles with finances

Consultants called to help out bookstore

The Co-op Bookstore continues to suffer from serious financial troubles. A consultant was brought in this week to take a closer look at the store.

A representative of the consulting firm of Business Management Concepts spent two days at the Co-op this week.

"This could just be the first step in the right direction," Board member College Budget Director Bob Knight said. "He walked all around the store, talked to employees."

The firm will present their findings to the Board in about one month. At that point, the Board may decide to retain the firm for consulting purposes for as long as five years.

Allison Gould, president of the Co-op Board of Directors, said, "There are a number of possibilities, though there are risks and questions associated with everything that we do."

According to a Co-op employee who wished to remain anonymous, the Co-op is poised to either declare bankruptcy or hand over managerial responsibilities to an outside corporation.

"I would say that is inaccurate," Board member Jim Machauner said. "But there is going to be information upcoming."

Gould also denied the allegations that the Co-op is hovering dangerously close to disaster. "We're not in an either/or situation at this time," Gould said. "The Co-op board plans to be the governing board."

The Co-op's financial woes date back to the store's construction of the building they currently occupy. The project pushed the Co-op into a debt it hasn't yet escaped.

Last Fall, the Co-op took a $60,000 loan from the College to cover the expense of textbooks. College President Dye said the Co-op has repaid the loan.

According to Liz Burgess, a former member of the Board, members of the Co-op had requested that the Board present a plan to regain solid financial footing by the first of the year.

Gould said the Board was unable to ready a plan by the Jan. 1 deadline. The Board now hopes to produce something by the end of February.

Gould said the Board has never considered closing the Co-op's doors.

"We'd love to have the Co-op success," said Assistant to the President Diana Roose. "If they closed, we'd have to scramble. We'd have to act fast."

Gould said, "My feeling is you can make something like that a self-fulfilling prophecy. If we believe we can make this place work, we can."

The Co-op Bookstore: More than just books. (photo by Heidi Good)