According to the user guide:
Quote:
• Close this book
Close the book youʼre currently reading. The book will stay in your Library and in your account, but will no longer show up as one of your five books on the Home screen.
Your bookmarks will also be removed.
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For that reason I've never actually "closed" a book. I just put the Kobo to sleep, or just put it down and let it go to sleep, or go to Home and then another app, or whatever.
Actually, I'm presently reading a library book using Overdrive and that's what I do. However, whenever I click the last book I was reading on the main screen, it always goes to the page where I left it in the Kobo reader.