Commercial printer Cadmus Communications is shuttering its Richmond, Va. printing plant and will lay off up to 184 employees by May 31, according to a WARN Act notice filed by parent company Cenveo Corp. this week. "The COVID-19 pandemic has adversely impacted our customers’ businesses and, in turn, has diminished the available work at the facility," the notice reads. "One large customer has ceased all work permanently, several publishers have cancelled or delayed their print projects, and nearly all comic production has ceased." "Most" of the 184 employees at the plant are expected to be permanently laid off by May 31, the notice said. Long operated by Cadmus Communications, which grew to become one of the largest publication printers in North America by the time it was acquired by Cenveo for $430 million in 2006, the Richmond plant specialized in printing comic books, journals, books and magazines, including Richmond Family, Virginia Living, and Virginia Business, which first reported the news of the closure on Wednesday. Publication printers across the country are suffering from declining revenues, a trend that's only been accelerated as publishers reduce frequencies or suspend print production during the COVID-19 pandemic. LSC Communications, which filed for Chapter 11 bankruptcy in April after revenues fell 17% year-over-year in 2019, indicated three days later that it was temporarily closing its Baraboo, Wisc. facility amid a "sudden and unexpected" decrease in... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-05-07 19:05:44 UTC ]
Amazon has reported a 40% rise in net sales for the second quarter compared to the same time last year, while operating income soared by 87%. Continue reading at The Bookseller
[ The Bookseller | 2020-07-31 11:46:26 UTC ]
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Commercial printer Cadmus Communications is shuttering its Richmond, Va. printing plant and will lay off up to 184 employees by May 31, according to a WARN Act notice filed by parent company Cenveo Corp. this week. "The COVID-19 pandemic has adversely impacted our customers’ businesses and, in... Continue reading at Folio Magazine
[ Folio Magazine | 2020-05-07 19:05:44 UTC ]
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The publisher is looking to reduce labor costs by temporarily closing some distribution centers and implementing measures including a combination of furloughs, shortened work weeks, and voluntary unpaid leave. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-03-25 04:00:00 UTC ]
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Amazon's UK website sales rose by 14% to £5.3bn last year, but the company also paid less in corporation tax and received more handouts in government grants. According to accounts filed in the US, net sales for the UK website were £5.3bn ($8.3bn) to the year ending December 2014, up from... Continue reading at The Bookseller
[ The Bookseller | 2015-06-25 00:00:00 UTC ]
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Traditional media companies will continue to feel a financial squeeze over the next four years, as flat or declining revenues are expected at magazine and newspaper publishers even as they post gains in digital advertising and subscriptions, a new report shows.Consumer magazine revenue will be... Continue reading at Advertising Age
[ Advertising Age | 2015-06-03 00:00:00 UTC ]
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Hachette UK saw physical sales fall 7.4% year-on-year in the third quarter, “due to a less promising publishing schedule in general literature”, according to parent company Lagardere. However “ebooks still showed sustained growth, with 34% of net sales in adult trade vs. 31% at the end of... Continue reading at The Bookseller
[ The Bookseller | 2014-11-14 00:00:00 UTC ]
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The spinoff of Time Inc. to create the world's largest publicly-traded magazine publisher may be just the beginning of deals for the owner of People and Sports Illustrated.With analysts estimating an enterprise value of about $3.9 billion—a measure of what it could cost to buy a company—an... Continue reading at Crains New York
[ Crains New York | 2013-03-15 00:00:00 UTC ]
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Hachette parent company Lagardere has reported a 1.9% fall in net sales for Hachette UK in 2012,... Continue reading at The Bookseller
[ The Bookseller | 2013-02-07 00:00:00 UTC ]
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Hachette parent company Lagardere has reported a 5.9% fall for net sales in its Publishing... Continue reading at The Bookseller
[ The Bookseller | 2012-02-07 00:00:00 UTC ]
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