Ivy Tech picks private company to run bookstores
March 23, 2008
INDIANAPOLIS — A private company will take over management of Ivy Tech Community College’s 27 campus bookstores across the state under an eight-year contract.
Ivy Tech expects to receive $6 million and a share of future profits in the deal and anticipates textbooks to become more affordable for its 110,000 students. School officials and FollettHigher Education Group expect to soon sign a contract that would begin July 1.
“We think this is the right move for the school,” said Tom Snyder, who is in his first year as Ivy Tech’s president. “We think the greatest beneficiary will be the students, who will now get much better access to reselling their books and consistent pricing on new books.”
Students typically pay $700 to $1,000 a year for textbooks. That cost is expected to decline because Follett will increase the sale and buyback of used textbooks, college spokesman Jeff Fanter said.
Follett has agreed to spend $650,000 on a standardized purchasing system for the network of Ivy Tech stores. And it will spend $1.65 million to remodel and improve campus bookstores.
Current bookstore employees will keep their jobs, salaries and benefits, Fanter said. Ivy Tech’s deal comes a year after Indiana University signed a similar 10-year contract for Barnes & Noble Booksellers to operate its 16 campus bookstores.