After weeks of credible speculation and reporting, LSC Communications announced clarity around its reorganization plans, which includes filing for Chapter 11 bankruptcy with the Southern District of New York. The company was left with few option after accumulating at least $893 million in debt, and a balance sheet that saw continued declines, capped off by a 17% year-over-year drop in revenue in the fourth quarter of 2019. According to a company statement, it has “sufficient liquidity to continue operating its business,” which should have several publishers across the U.S. breathing a sigh of relief, at least for now. LSC is the largest book printer in the country, and also boasts a sizable clientele of magazines. In addition to filing for bankruptcy, the company secured $100 million in additional cash in debtor-to-possession financing from undisclosed lenders. It has also filed a number of “customary motions” to ensure it maintains business as usual and doesn’t fall behind in vendor payments. We previously reported that the failed merger with Quad/Graphics last year left LSC in a vulnerable position and that the company was closing as eight of its manufacturing plants across the country as one step forward in its plans to stabilize the organization. This was again addressed again by CEO Thomas Quinlan in today’s statement. “Since the termination of our merger… [we] have taken proactive and aggressive steps to improve our overall cost structure and streamline our... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-04-13 15:00:01 UTC ]
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While books about the outgoing US president have been bestsellers for the last four years, Trump might be a step too far for some publishersFact-checkers are quaking in their boots amid reports that Donald Trump could be being “courted for a new tome on his time in the White House”. The... Continue reading at The Guardian
[ The Guardian | 2020-11-11 14:24:45 UTC ]
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Novelist T.I. Lowe inks new four-book deal with Tyndale, contemplative Catholic writer Shannon K. Evans cements two-book agreement with Brazos, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-11-11 05:00:00 UTC ]
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Thriller author B P Walter, also Waterstones' social media co-ordinator, has signed a new three-book deal with HarperCollins, seeing him move from Avon to digital-first imprint One More Chapter. Continue reading at The Bookseller
[ The Bookseller | 2020-11-10 23:56:50 UTC ]
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Italy's bookstores are allowed to operate amid COVID-19 restrictions, and Guadalajara becomes UNESCO's World Book Capital for 2022. The post Industry Notes: Italian Bookstores Stay Open, Guadalajara Named World Book Capital appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-11-04 20:25:38 UTC ]
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Hachette Children’s Group has acquired a non-fiction collection of 100 "weird and wonderful" creatures by author Sarah Banville and illustrator Quinton Winter who worked on Stories for Boys Who Dare to be Different. Continue reading at The Bookseller
[ The Bookseller | 2020-11-01 21:30:53 UTC ]
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Combined sales of graphic novels and comics periodicals reached $1.21 billion in North America in 2019, a new record, according to a joint estimate by trade news sites ICv2 and Comichron. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-30 04:00:00 UTC ]
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The latest scholarship, including an increasing number of Black and women New Testament experts, adds new ideas to age-old debates about the apostle's theology. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-28 04:00:00 UTC ]
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A Frisco startup is looking to cut through the noise of other social media apps and give digital content creators a way to reach more fans. TUBBR, an invite-only social network, announced landing Angel Funding from Global Ascent Partners that it plans to use for its upcoming beta launch.... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-10-24 12:00:00 UTC ]
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To mark the 24th anniversary of the Fox News Channel’s debut, HarperCollins and Fox News Media have announced the creation of a new imprint that will publish a stream of books I’m sure you’ll read by Fox News personalities. If the pairing seems unexpected, it’s anything but. Rupert Murdoch, who... Continue reading at Literrary Hub
[ Literrary Hub | 2020-10-07 16:16:12 UTC ]
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The Includive Indies Fund, set up earlier this year by Knights Of and Jacaranda, has awarded grants totalling £35,000 to 11 independent presses from across the UK and Ireland. Continue reading at The Bookseller
[ The Bookseller | 2020-09-28 00:44:26 UTC ]
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The private equity firm Atlas Holdings, with the support of a creditor group, has agreed to acquire LSC Communications in a deal that is expected to close before the end of the year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-15 04:00:00 UTC ]
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As Beirut struggles to move forward, the Sheikha Bodour Al Qasimi and Sharjah's World Book Capital program step in to help libraries. The post Sharjah World Book Capital Leads Beirut Library Restoration Aid appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2020-09-14 18:40:21 UTC ]
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“I have again reached the end of waiting.” Claudia Rankine on privilege seen and unseen. | Lit Hub Politics From mid-century British philology to twin-laden psychodrama, here are 11 great books you probably haven’t read. | Lit Hub Did a revolution in Latin American publishing make One Hundred... Continue reading at Literrary Hub
[ Literrary Hub | 2020-09-12 11:30:11 UTC ]
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Did a revolution in Latin American publishing make One Hundred Years of Solitude the success it is today? | Lit Hub When in doubt, smile like an axolotl: Aimee Nezhukumatathil writes in praise of the “Mexican Walking Fish,” the cutest creature on planet earth. | Lit Hub Nature “The master who... Continue reading at Literrary Hub
[ Literrary Hub | 2020-09-11 10:30:08 UTC ]
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The Bodley Head has won an 11-publisher auction for the next book by Jenny Odell, author of the New York Times bestseller How To Do Nothing. Continue reading at The Bookseller
[ The Bookseller | 2020-09-10 03:39:07 UTC ]
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The auction to acquire the assets of LSC Communications, which was to take place on September 3, has been postponed until September 9. Bids for the company have not yet been made public. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-02 04:00:00 UTC ]
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Oxford University Press has appointed Lisa Attenborough as its new group communications director. Continue reading at The Bookseller
[ The Bookseller | 2020-09-02 03:02:21 UTC ]
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The future of the Brontë Parsonage Museum is at risk following an estimated loss of £500,000 during lockdown, the Brontë Society has said. Continue reading at The Bookseller
[ The Bookseller | 2020-09-01 03:33:28 UTC ]
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Buyers considering a purchase of the printing giant's assets now have until August 26 to file a bid, and the auction has been moved to September 3. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-08-18 04:00:00 UTC ]
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Get to know the work of these Black science fiction authors, from the established and prolific to debut authors shaking up the genre like Cinderella is Dead author Kalynn Bayron. Continue reading at Book Riot
[ Book Riot | 2020-08-13 10:37:00 UTC ]
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