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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#manufacturing platform
#restructuring plan
#magazine publishing
#largest book
The Paris Commercial Court today brought the final curtain down on the Virgin Megastore chain.... Continue reading at The Bookseller
[ The Bookseller | 2013-06-17 00:00:00 UTC ]
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As print magazine and book publishers struggle to stay afloat, Not Safe For Work, a print magazine and news startup in Las Vegas, has raised $250,000 in seed funding from Base Ventures, VentureWire has learned. The company offers a monthly print ma ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-06-17 00:00:00 UTC ]
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#publish news
#print magazine
#stay afloat
#las vegas
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With 20% of Russia's bookstores having closed and book sales in free fall, the government is investing $100m to promote reading and change in the industry. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-06-10 00:00:00 UTC ]
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#book industry
#book sales
#free fall
#promote reading
NEW YORK -- Apple and major publishers conspired in a scheme to fix prices on ebooks, costing consumers hundreds of millions of dollars, a U.S. Justice Department attorney argued during the first day of a marquee antitrust trial. Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-06-04 00:00:00 UTC ]
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#e-book trial
#fix prices
The folks at The Other 98% really, really don't want to see the Koch brothers to buy the Tribune Company. The non-profit organization has launched a fundraising campaign on Indiegogo to make a bid for the publishing company, which owns the Chic ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-05-16 00:00:00 UTC ]
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#koch brothers
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The gist: "Apple knew that the plan it was proposing involved a ‘dramatic business change’ for publisher defendants." Continue reading at AllThingsD
[ AllThingsD | 2013-05-15 00:00:00 UTC ]
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Printed book sales fell below the £20m market last week - for the first time in almost 11... Continue reading at The Bookseller
[ The Bookseller | 2013-04-23 00:00:00 UTC ]
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#week -
Book publishing has been famously slow to embrace technology, but some industry executives are hoping it's never too late to change. Taking a page from the tech community, an independent publisher and a top talent agency will announce Monday that they have joined forces to host the first-ever... Continue reading at Crains New York
[ Crains New York | 2013-04-14 00:00:00 UTC ]
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#book marketing
#embrace technology
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#tech community
#independent publisher
#announce monday
#joined forces
#brick-and-mortar bookstores
Primatologist Jane Goodall and publisher Grand Central announced they will delay publication of Goodall's forthcoming book "Seeds of Hope" amidst accusations that certain passages were plagiarized. Primatologist Jane Goodall and publisher Grand Central have announced they will delay publication... Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-03-25 00:00:00 UTC ]
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A start-up is hoping to create a new digital publishing platform for independent authors that... Continue reading at The Bookseller
[ The Bookseller | 2013-03-22 00:00:00 UTC ]
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#raise $50
#independent authors
The Association of American Publishers and the Authors Guild, are fighting Amazon's bid to own new global domain names including .book, .author, and .read. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-03-12 00:00:00 UTC ]
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#american publishers
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News Corporation’s new publishing company will get an infusion of $2.6 billion in cash and will have no debt when it separates from the company’s higher-growth cable channels and Hollywood studio this summer. In a filing with the ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-03-08 00:00:00 UTC ]
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The stores charge that secret agreements made between the publishers and Amazon give Amazon the advantage in selling ebooks, but some industry observers find flaws in their logic. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2013-02-22 00:00:00 UTC ]
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#selling ebooks
An award-winning ballet dancer and a French opera director are among the debut authors tipped for success in 2013 by book chain Waterstones. Continue reading at BBC News
[ BBC News | 2013-01-15 00:00:00 UTC ]
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A bumper final Christmas sales weekend for 22nd/23rd December is being predicted, with... Continue reading at The Bookseller
[ The Bookseller | 2012-12-14 00:00:00 UTC ]
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Strong differences have emerged within the trade over the effectiveness of Digital... Continue reading at The Bookseller
[ The Bookseller | 2012-12-07 00:00:00 UTC ]
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HarperCollins has won a PR Week Award for internal communication. The corporate communications... Continue reading at The Bookseller
[ The Bookseller | 2012-10-25 00:00:00 UTC ]
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#corporate communications
Arcadia Books has been bought out of liquidation by photographer Basil Hyman, with its publisher... Continue reading at The Bookseller
[ The Bookseller | 2012-10-19 00:00:00 UTC ]
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Analysts have predicted profits at W H Smith will top the £100m mark when the high street... Continue reading at The Bookseller
[ The Bookseller | 2012-10-08 00:00:00 UTC ]
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#high street