Stanford University Bookstore

On july 1, 1999 Stanford University transferred the management of its Bookstore's retail stores to follett higher education group. Concurrent with this transaction, the Bookstore sold all merchandise inventories and certain other assets to follett higher education group at net book value and ceased its retail operations. Subsequent to july 1,1999, the Bookstore's operations consisted of winding down its retail operations and leasing certain facilities to follett. The Bookstore donated substantially all of its remaining assets to the University.