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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Fourth Estate has triumphed in an 11-publisher auction for Yomi Adegoke’s "entertaining and daring" debut novel. Continue reading at The Bookseller
[ The Bookseller | 2022-01-18 11:55:31 UTC ]
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Fable, a mobile platform for online book clubs that launched in early 2021, has announced $20 million in Series A funding, which will used to expand the company's services, such as the recently launched club with 'Lord of the Rings' actor Sean Astin. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-01-11 05:00:00 UTC ]
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The French Publishers Association (Syndicat National de l’Edition, SNE) and a group of authors have sounded alarm bells over the imminent merger between France’s two largest book publishers, Hachette Livre and Editis, into a single media group. Continue reading at The Bookseller
[ The Bookseller | 2022-01-05 15:58:02 UTC ]
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The team at New Beacon Books, the UK's first Black specialist bookshop, has praised the “amazing support from the community” following a highly successful crowdfunding campaign which has not only saved the store but netted £76,000 in only a few days. Continue reading at The Bookseller
[ The Bookseller | 2022-01-03 18:47:55 UTC ]
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A crowdfunder to save London’s New Beacon Books has raised more than £5,000 within hours of launching. Continue reading at The Bookseller
[ The Bookseller | 2021-12-30 15:27:20 UTC ]
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Redu, Belgium, was for decades a destination for book lovers. But now more than half of its bookstores have closed. Continue reading at The Washington Post
[ The Washington Post | 2021-12-26 14:43:23 UTC ]
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Independent bookshop Kibworth Books has raised more than £2,000, to gift books to children being treated in Leicester Royal Infirmary over Christmas. Continue reading at The Bookseller
[ The Bookseller | 2021-12-24 11:27:47 UTC ]
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The Margate Bookshop has collected almost £3,000 to buy books for local schoolchildren with plans to run the fundraiser as an ongoing scheme alongside other independent bookstores, potentially as part of a charity. Continue reading at The Bookseller
[ The Bookseller | 2021-12-23 07:48:13 UTC ]
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We have 11 of the best comic book podcasts for you right here (and it's not all about superheroes). Continue reading at Book Riot
[ Book Riot | 2021-12-22 11:34:00 UTC ]
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The Publishers Association and the Federation of European Publishers have voiced their support for the Association of American Publishers’ challenge of an “unprecedented, unjustified” Maryland law which could force publishers both in the US and abroad to license e-books to the state's public... Continue reading at The Bookseller
[ The Bookseller | 2021-12-20 16:08:03 UTC ]
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Hachette Livre owner Lagardère has raised its publishing division's profitability outlook to 13.5%. Continue reading at The Bookseller
[ The Bookseller | 2021-12-20 11:14:48 UTC ]
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Penguin Random House and Simon & Schuster are putting up a fight against federal efforts to scuttle their merger, alleging the government is wrong. Continue reading at Los Angeles Times
[ Los Angeles Times | 2021-12-13 21:40:35 UTC ]
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The board of Lee Enterprises voted 8-0 against an unsolicited offer by the hedge fund that valued the newspaper chain at $141 million. Continue reading at The New York Times
[ The New York Times | 2021-12-09 20:44:02 UTC ]
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The crisp weather makes it the perfect time to snuggle up with a little one and read these 11 December children's book releases. Continue reading at Book Riot
[ Book Riot | 2021-12-06 11:39:00 UTC ]
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Delegates from 16 of UNESCO's World Book Capitals convened in Sharjah to explore the WBC network and what it can offer. The post At Sharjah: A UNESCO World Book Capital Network Meeting appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2021-11-22 19:44:51 UTC ]
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One More Chapter has acquired three new titles in the DCI Matilda Darke thriller series by Michael Wood. Continue reading at The Bookseller
[ The Bookseller | 2021-11-21 19:16:49 UTC ]
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In a November 19 letter, lawyers for the plaintiff publishers outlined seven “categories” of requested documents yet to be turned over by the Internet Archive and accused the IA of "hoping to run out the clock” on discovery. Discovery in the case is due to close mid-December. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-11-21 05:00:00 UTC ]
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The owners of award-winning independent bookshop Book-ish are raising funds to "secure their future", seeking to buy their premises before it goes on the open market. Continue reading at The Bookseller
[ The Bookseller | 2021-11-18 16:44:18 UTC ]
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TV hosts Ant & Dec, a.k.a. Anthony McPartlin and Declan Donnelly, are releasing their debut children's book next year to raise money for the NSPCC. Continue reading at The Bookseller
[ The Bookseller | 2021-11-09 13:59:39 UTC ]
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The Justice Department is suing to block a $2.2 billion book publishing deal that would have reshaped the industry Continue reading at ABC News
[ ABC News | 2021-11-02 21:39:48 UTC ]
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