Licensing: What happens if a US company cancels a series?

[Puppet Master]

The reason I'm asking this is that in June's (#1606) "Comic's Buyer's Guide", there's an article on the economic conditions faced by many manga publishers in the US.

One of these is Central Park Media, who, due to low sales and high returns of unsold books, has laid off several staff and has sharply pared down its CPM Manga and CPM Manhwa line-ups, with some manga series cancelled while the story's in progress (including one of my favorites, "Couple", which was cancelled after volume 3 with lots of loose ends).

The question is: what happens to the US publisher's license of a manga series, if the US publisher cancels a series? Do they still retain the rights until they expire, or are their rights automatically cancelled?

I think they have it till the time expires what they do is their call depending on how much they liscensed. But im not familiar with things like this so I maybe wrong.