District regains control of stores
by Chris Taylor, editor-in-chief

    TCC campus bookstores will be operated by the college, at least temporarily.

    Currently, book buybacks are still suspended until May 7. When asked about buybacks and other effects on students, the bookstores refused to comment. One bookstore employee threatened action if The Collegian continued to report on Wallace’s current situation.

    Dr. Bill Lace, executive assistant to the chancellor, said that the chancellor and other administrators were working in the best interest of the students.

    “We will serve the students,” he said.

    “TCC will take over operation of the bookstores for the short term. Our first duty is to the students,” he said.

    Lace mentioned the possibility of another contractor taking over operations depending on what was best for the college and students in the long term.

    The bookstores had been operated by Wallace’s, which had signed a five-year contract last June. Wallace Wilkinson, former CEO of Wallace’s, filed for bankruptcy March 1 of this year.

    According to the Lexington Herald-Leader, Wallace’s is being broken up quickly. A bankruptcy judge approved the sale of operating contracts and inventories for 18 additional Wallace’s college bookstores.

    Barnes & Noble successfully bid on 23 stores sold in mid-April.

Wallace’s announced earlier this month that it had no money to buy back books or stock shelves for summer classes, leaving about 60 colleges in limbo.

    According to records, Wallace’s currently owes its creditors $152.3 million.

    The TCC bookstores will close for inventory Thursday, May 3, at 1 p.m. and remain closed until Monday, May 7.

    Students taking Saturday classes may need to rely on vending machines for scantrons.

    Bookstore officials announced that the campus stores will reopen Monday at 7:45 a.m. for book buybacks.