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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#largest book
Houghton Mifflin Harcourt announced this morning that it is moving forward with an Initial Public Offering through which it could raise up to $292 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-01 00:00:00 UTC ]
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Chegg, which offers textbooks for rent and other online services to college students, is looking to raise $172.5 million in its Initial Public Offering. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-01 00:00:00 UTC ]
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#college students
HarperCollins has reorganised its communications team following the departure of Siobhan Kenny,... Continue reading at The Bookseller
[ The Bookseller | 2013-10-31 00:00:00 UTC ]
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#siobhan kenny
Audiobook publisher and retailer AudioGO has confirmed that it has filed for administration. The... Continue reading at The Bookseller
[ The Bookseller | 2013-10-28 00:00:00 UTC ]
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OpenGate Capital, a global private buyout firm, splashed into media with the acquisition of TV Guide Magazine five years ago. Continue reading at Folio Magazine
[ Folio Magazine | 2013-10-24 00:00:00 UTC ]
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Concern is mounting among the publishing community, in London and elsewhere, over a possible relocation of the London Book Fair to the ExCel Exhibition Centre in Docklands, the far east of the capital. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-10-23 00:00:00 UTC ]
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#publishing community
Known for its pristine beaches, El Yunque rain forest, and beautiful Spanish colonial architecture, Puerto Rico is also an important book market for U.S. publishers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-10-18 00:00:00 UTC ]
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Get complete coverage of the Frankfurt Book Fair with the PW Frankfurt Show Daily. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-10-11 00:00:00 UTC ]
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#complete coverage
"Apple also hereby appeals from any and all orders and rulings that were adverse to it." Continue reading at AllThingsD
[ AllThingsD | 2013-10-05 00:00:00 UTC ]
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Waterstones has raised over £75,000 for Booktrust's Children's Reading Fund at a... Continue reading at The Bookseller
[ The Bookseller | 2013-09-30 00:00:00 UTC ]
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The phrase "virtual book club" may not conjure romantic visions of low-lit rooms and vintage wines, but you don't necessarily need those things to throw fancy words around. Amazon-owned Goodreads hosts user-created online clubs, but a Google patent application that's surfaced today imagines a... Continue reading at Engadget
[ Engadget | 2013-09-19 00:00:00 UTC ]
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These days, wearable tech is a beast that cannot be stopped, even if we wanted to (we don't). We recently got wind of an application Motorola submitted to the United States Patent and Trademark Office (initially filed in February of 2012 and published today) for an electronic device designed "to... Continue reading at Engadget
[ Engadget | 2013-08-30 00:00:00 UTC ]
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According to his LinkedIn profile, Jeff Bonforte has been named SVP of communication products at Yahoo. An insider tipped me to the new title for the former CEO of Xobni, the maker of address book apps and plugins which Yahoo bought in July. "I have responsibility for Yahoo Mail, Messenger,... Continue reading at AllThingsD
[ AllThingsD | 2013-08-28 00:00:00 UTC ]
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Literary fans know William T. Vollmann as a National Book Award-winning author; the FBI knew him as Unabomber suspect S-2047.Literary fans know William T. Vollmann as a National Book Award-winning author; the FBI knew him as Unabomber suspect S-2047. Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-08-22 00:00:00 UTC ]
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E-book publisher and digital marketer Open Road Integrated Media announced that it has received $11 million in Series C equity financing led by an $8 Million investment from NewSpring Capital. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-08-19 00:00:00 UTC ]
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Textbook rental company Chegg has filed to go public in the US, hoping to raise $150m (£97m... Continue reading at The Bookseller
[ The Bookseller | 2013-08-15 00:00:00 UTC ]
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Bob Carrigan is stepping down as CEO of IDG Communications Worldwide, the company announced today. Carrigan will transition out of his role at the end of IDG's fiscal year, ending September 30, and will join the company's board of directors. Continue reading at Folio Magazine
[ Folio Magazine | 2013-08-06 00:00:00 UTC ]
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#fiscal year
It’s been around since 1997, but Microsoft’s Compiled HTML Help (CHM) format is still often used for application help files, ebooks and more. If you’re working on a PC then that’s no problem -- the files are easy to read -- but if you need to browse them on other platforms, then you might like... Continue reading at Betanews
[ Betanews | 2013-07-31 00:00:00 UTC ]
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#portable tool
Inkling, which helps publishers make interactive books for the Web and iOS, has raised $16 million in Series C funding led by Sequoia Capital, just about exactly two years after it raised slightly more than that -- $17 million -- in Series B funding from the same investors. The San Francisco... Continue reading at AllThingsD
[ AllThingsD | 2013-07-17 00:00:00 UTC ]
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NEW YORK -- Apple Inc. conspired to raise the prices of ebooks, a judge ruled Wednesday morning, after a trial in which the Department of Justice accused the technology giant of aggressively pressuring publishers to raise prices and weaken Amazon.com. Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-07-10 00:00:00 UTC ]
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