University Co-op in Red for First Time Since 1990 10/20/13
October 20, 2013
AUSTIN, Texas (AP) - The University Co-op, purveyor of textbooks and Longhorns paraphernalia, is operating in the red for the first time since 1990.
The Austin American-Statesman reports that three years of declining sales have some questioning the pay of its chief executive.
In 2011, Co-op boss George Mitchell made $753,000, about $90,000 more than university President Bill Powers that year. Mitchell has held the position for 26 years and makes a base salary about 60 percent higher than those of comparable peers.
The nonprofit is adjusting to an era where textbooks generate far less revenue and merchandise sales have fallen since the football team won the national championship in 2006. It has opened branches in Dallas, Houston and Fort Worth and a convenience store in Austin to boost revenue.