Little Professor Franchise Sold To Private Investors
Steven M. Zeitchik -- 8/3/98
After seeking capital for some time, the struggling franchise, Little Professor Book Center in Ann Arbor, Mich., has found a buyer. Wolverine Investments LLC, a private investment group, has completed the purchase of all the company's stock, most of which was previously owned by Sally Wisotzkey.Not much is known about Wolverine, a group that according to Little Professor Book Center president John Glazer has "some interests in the worlds of bookselling and book publishing, as well as some franchising interests," but he declined to specify what they are. No Little Professor franchisees PW spoke to had heard of Wolverine previously. PW has learned that the group had registered in Ann Arbor on June 12 and that its registered agent is a man named William Brannan. As to how the deal began, Glazer would say only that it was a "fortuitous meeting." No personnel changes are expected as a result of the sale, although Little Professor has been converted from a corporation to a limited-liability company, and will try to maintain what it says has been a moderately successful business, even opening some corporate stores. "We've been profitable in recent years," Glazer said. "No great shakes, but this is the bookselling business." He declined to offer numbers. Little Professor has seen defections shrink its ranks to 80 stores, while those that have remained have tried to form a group to keep each other more informed. Franchisees regularly complain of a communications gap between them and the home office, and were thus surprised by the deal. "They've been talking about someone buying, and we've been waiting for a year, at least," said John Barringer, who owns a Little Professor in Charlotte, N.C. "Now it just comes as a bolt out of the blue because there's been no communication. It just dried up around Christmastime." Little Professor is hoping that the purchase will strengthen an "alliance" with independent booksellers that will "bring them opportunities to lower their costs and improve their clout in the industry," in Glazer's words. But one insider said that the alliance has been talked about for years and that optimism wasn't running high. Glazer, though, remains hopeful. "We've adopted the stance that the proof will be in the pudding," he said. "We'll announce the pudding as we deliver it." Back To News---> |
