Cedar Rapids Business NOT For Sale, According to CEO
[UPDATED] One of downtown Cedar Rapids' largest employers is not for sale, after all.
CEO Kevin Jasper told the Gazette Monday afternoon that the business IS NOT for sale in the U.S. He had no other comment on the Telegraph of London's's story that reported British and American operations were for sale.
ORIGINAL STORY] Hibu, a yellow page publisher, a company that employs 600 people in downtown Cedar Rapids is on the sale block, according to the Gazette. Hibu was part of British Telephone, but lenders seized control of it five years ago, according to the Telegraph of London in a January story. Parts of the company have already been sold in Latin America and Spain, and now the lenders hope to do the same with British and American operations.
It's a tough time for Hibu, thanks to Google and other search services that have nearly wiped out yellow page advertising. Hibu has filed for Chapter 15 bankruptcy twice, the last time just over two years ago.
Hibu moved all of its Cedar Rapids employees into the Town Center building at 221 Third Ave. S.E. in downtown Cedar Rapids three years ago. The Cedar Rapids office acts as the company's headquarters for U.S. operations.