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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After years of financial problems, independent publishing house MacAdam/Cage filed for Chapter 7 liquidation last month in a San Francisco court. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-02-03 00:00:00 UTC ]
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Good Enterprises, whose holdings include the cookbook publisher Good Books, filed voluntary Chapter 7 bankruptcy December 10 and is preparing to liquidate the company. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-12-11 00:00:00 UTC ]
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Upheaval has been a defining characteristic of RDA Holding Co. for the last three years. Continue reading at Folio Magazine
[ Folio Magazine | 2013-07-10 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Wed, 16/02/2011 - 12:30 Borders US has filed for Chapter 11 bankruptcy, blaming a decrease in consumer spending, a lack of liquidity and ongoing discussions with publishers. The widely expected move will mean Borders will try to restructure its... Continue reading at The Bookseller
[ The Bookseller | 2011-02-16 00:00:00 UTC ]
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The tech-mogul-turned philanthropist has just published a review of a dense 2017 book on how “intangible assets”–things like software and data–are changing the economy. Mid-2018 might seem like a strange time for Bill Gates to review a largely academic book that came out in late 2017. But as... Continue reading at Fast Company
[ Fast Company | 2018-08-14 00:00:00 UTC ]
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The noble but neglected Scribner Building on Fifth Avenue has renewed the lease for its last remaining tenant at a higher rent, marking the first good news in many years for the landmarked property where F. Scott Fitzgerald and Ernest Hemingway used to meet their publisher. Apparel retailer... Continue reading at Crains New York
[ Crains New York | 2024-05-07 09:48:08 UTC ]
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Nearly one year after district court judge John G. Koeltl found the IA's scanning and lending of library books to be copyright infringement, the publisher plaintiffs are asking an appeals court to affirm the decision. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-15 04:00:00 UTC ]
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'We ask politicians on all sides to recognize the publishing industry’s economic value,' says the Publishers Association's Dan Conway. The post LBF: UK Publishing’s Impact Worth £11 Billion, New Report appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2024-03-12 03:55:23 UTC ]
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A new plan by the iconic Denver bookseller sees a streamlined company emerging from bankruptcy as early as June and returning to profitability next year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-11 04:00:00 UTC ]
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Pantheon takes journalist Paolo Ramos’s book on the rise of the Latino far right; Pegasus takes YA author Kristina Pérez’s adult debut, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-08 05:00:00 UTC ]
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Brandon Sanderson raised more than $16 million from 55,000 people to fund a leatherbound edition of 'Words of Radiance.' The total is the most ever raised on the crowdfunding platform BackerKit. The campaign, launched earlier this week, ends March 30. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-08 05:00:00 UTC ]
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Tommy Orange follows his 2018 debut, ‘There There,’ with ‘Wandering Stars,’ #8 on our hardcover fiction list. Plus Peter Schweizer, Dr. Phil, and C.J. Box are among the week’s big debuts, and longtime Silicon Valley journalist Kara Swisher comes out swinging with ‘Burn Book.’ Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-08 05:00:00 UTC ]
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Microsoft is unexpectedly killing off its support for Android apps within Windows 11, although you’ll have a year to play games on your Windows tablet until support officially expires. But if you haven’t already installed support for Android apps, you’re out of luck. Microsoft isn’t... Continue reading at PC World
[ PC World | 2024-03-05 18:15:39 UTC ]
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Updated terms of service for Spotifiy's indie author audiobook distribution platform Findaway Voices appeared to give Spotify broad powers to reuse content. An outcry forced a revision of terms, but clarification is still needed, say authors and affiliates. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-02-28 05:00:00 UTC ]
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The “Netflix model” of leasing e-books to public libraries is expensive, full of limitations, and potentially a boon for censorship, librarians say. It’s a growing business model that shifts power to publishers and makes access harder for patrons. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2024-02-22 16:28:54 UTC ]
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