You may reach the point where a class project ends, or you reach the limit of books you can make in a library. At this point you'll want to archive the library.
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Click the Settings cog in the toolbar when in your library (this can be found in the right of the toolbar, next to the New Book button).

A menu will pop up and you'll see a link to Archive this library. Click that and you'll get this message:

So, when you archive a library, you're taking away access for everyone except you, as the owner. But any books that have been published online will still be accessible via their read.bookcreator.com link, and any books you've downloaded as an ebook will be available on your computer (or wherever you've saved the ePub file).

Click on the Teacher Dashboard menu (the 3 lines in the far left of the toolbar) and then click on the Archived dropdown menu.

For each archived library, you have the option to Restore or Delete Forever. To access this, click on the arrow next to the library, then click on the 3 dot menu for the library.

For each book in your archived library, you can click on the 3 dot menu for the book and choose to: 

Any books that are still published online will have a globe icon next to them.

Note, if you've already published your library, you'll need to unpublish it before it can be archived. If you try to archive a published library you'll get a message saying you cannot.