Murray-based College Book Renter is downsizing as part of its Chapter 11 Bankruptcy reorganization. College Book Renter is one of many companies owned by Murray businessman Chuck Jones and partner David Griffin, an Arkansas-based businessman.
Bankruptcy Trustee Robert Waldschmidt says CBR has set up a temporary smaller location, after abandoning its much larger facility south of town. Waldschmidt says that building was too big and too expensive to operate.
He says CBR hopes to move into a location previously held by Southeastern Book Company. That company, also owned by Jones, is currently undergoing Chapter 7 bankruptcy filings in western Kentucky. According to Waldschmidt, a request for CBR to rent SEB’s building on Hwy. 641 is currently in process in the courts.
Waldschmidt declined to speak in a recorded interview due to the ongoing legal issues, but in an email response to information on the case, he says CBR is continuing to operate during the bankruptcy process. He says they’re currently getting ready for the spring semester book rental orders.
Court documents filed in Nashville bankruptcy courts and dated November 5th stated CBR employs 28 people. A former CBR employee told WKMS in September that around 50 employees were fired when Jones announced he would no longer act as CEO of CBR following a court settlement between Jones and Griffin.
Waldschmidt says right now it’s too early to determine what the worth of the company will be in the future.
“It is too early to speculate on what may happen in 3 months, or 6 months. Right now everyone at CBR is focused on growing the business,” he said.
Jones filed a voluntary bankruptcy petition in late October for SEB. He estimates between $1 million and $10 million in liabilities, and less than $50,000 in assets. The case lists 24 creditors.