UNI intends to buy University Book & Supply - KWWL - Eastern Iowa Breaking News, Weather, Closings

UNI intends to buy University Book & Supply

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CEDAR FALLS (KWWL) -

The University of Northern Iowa is looking to buy the University Book & Supply Inc. book store. The two have signed a letter of intent for the university to by the store. 

“UBS has had a great relationship with UNI for 80 years. When it came time to sell the business, all the stockholders agreed that the university would be the best buyer to continue serving the students, faculty and community,” said Kathleen Hesse, UBS president in a press release sent to KWWL.

The Iowa Board of Regents will consider the agreement on December 6th. According to UNI, the bookstore is being sold for $2.4 million. "The university will not utilize any general education funds towards the purchase. The university expects the transaction to be complete by March 1, 2018," according to the press release. 

University Book and Supply Vice President Doug Johnson says with retirement around the corner, the stakeholders wanted to keep the store locally owned. 

"We care about the community and the staff and wanted to keep it locally," said Johnson. "After 38 years of being in the business, yeah it's going to be sad. You know, it's almost part of your life and your family-so to speak. And we developed a lot of those relationships with staff and it'll be a little tough but hopefully I'll be around for a while yet and see the transition through and helping the University continue the great business this has been."

The University did not comment as to whether there will be job security for the current employees. However, they did mention lowering the cost of books for students.

"With UNI owning the bookstore it will operate as a not-for-profit entity, which will offer UNI students the lowest possible pricing every year," said UNI's senior VP for Finance and Operations Michael Hager. "Taking advantage of this opportunity is another element of the ongoing UNI initiative of providing a high-quality education at a reasonable cost.”

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