Weeks after issuing an earnings that report that revealed the company lost $295 million last year, publication printer LSC Communications is preparing to file for Chapter 11 bankruptcy, Bloomberg reports, citing "people with knowledge of the plans." The news comes less than a year after the company called off a proposed merger with its chief competitor, Quad/Graphics, following a Justice Department challenge on antitrust grounds. Since then, LSC, the nation's largest book printer in terms of market share, has looked to reduce its position in magazine and catalog printing, closing or planning to close eight manufacturing plants in order to narrow its focus on its books business. Quad/Graphics, meanwhile, has been moving in the opposite direction, as the pseudonymous writer D. Eadward Tree points out, seemingly creating two separate lanes in which the companies can maintain dominant positions unimpeded. More immediately concerning for LSC is the need to reconcile its $893 million in debt against diminishing revenues, which declined 17% year-over-year in the fourth quarter of 2019 to $778 million. Concurrent with the earnings report on March 2, LSC announced that as of December 31, 2019, it fell into noncompliance with its financial covenants, essentially in danger of defaulting on its loans because its debt-to-equity ratio now exceeds the maximum level permitted in its agreements with lenders. The company says it's reached a forbearance agreement with its lenders,... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-03-25 18:34:08 UTC ]
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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... Continue reading at Folio Magazine
[ Folio Magazine | 2020-04-13 15:00:01 UTC ]
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LSC Communications, one of the country’s largest printers and its largest book printer, has filed for Chapter 11 bankruptcy. The company said it expects to operate normally as it works its way through the restructuring process. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-04-13 04:00:00 UTC ]
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Miami Herald and Kansas City Star publisher has suffered as readers give up traditional subscriptions and get news onlineThe publisher of the Miami Herald, the Kansas City Star and dozens of other newspapers across the country is filing for bankruptcy protection. Related: Controversy rages over... Continue reading at The Guardian
[ The Guardian | 2020-02-13 14:36:40 UTC ]
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In the Dec. 23 print edition of the Book of Lists, you’ll find hundreds of CEOs, presidents and other top executives listed alongside the organizations they run. Even more business leaders are... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2019-12-23 17:10:02 UTC ]
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The printing giant posted a sales decline of 17.9% in the third quarter, although excluding one-time items "organic sales" were down 9.3%. The company also lowered its forecast for sales and earnings for the full year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-11-07 05:00:00 UTC ]
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Citing mounting vendor debt and declining revenue, Tiger Oak Media—the publisher of more than 30 regional and bridal magazines around the country—has filed for Chapter 11 bankruptcy protection, according to documents filed in U.S. Bankruptcy Court in Minnesota on Monday. The 26-year-old... Continue reading at Folio Magazine
[ Folio Magazine | 2019-10-10 14:55:27 UTC ]
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Shareholders have filed two lawsuits against Barnes & Noble in a legal row over the sale as the book retailer insists the complaints "lack merit". Continue reading at The Bookseller
[ The Bookseller | 2019-07-23 16:58:40 UTC ]
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Independent Facebook investors voted overwhelmingly to fire Mark Zuckerberg as chairman and scrap the firm’s share structure. Continue reading at Stuff
[ Stuff | 2019-06-04 21:05:33 UTC ]
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Circle Media Group has filed for bankruptcy of its Dutch printing companies, blaming Europe’s “challenging market circumstances” in a “shrinking” print industry. Continue reading at The Bookseller
[ The Bookseller | 2019-04-18 00:00:00 UTC ]
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KNV, the largest German book wholesaler and distributor, filed for bankruptcy on February 14. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-02-15 00:00:00 UTC ]
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After the theft of $3.4 million by its former bookkeeper, the agency has shuttered and started liquidation proceedings. In a letter, agency principal Neil Olson apologized to his clients and said he had "simply run out of time and resources.” Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-12-18 00:00:00 UTC ]
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Quad's purchase of LSC Communications, valued at $1.4 billion, will unite the country's two largest printers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-11-01 00:00:00 UTC ]
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Two of the top magazine printers in the U.S. are set to merge next year, continuing in the years-long trend of consolidation within the printing industry. Quad/Graphics will acquire LSC Communications in an all-stock transaction with an approximated value of $1.4 billion, which is expected to... Continue reading at Folio Magazine
[ Folio Magazine | 2018-10-31 00:00:00 UTC ]
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Medallion Press, which was formed in 2003 as a mass market publisher before branching out into other media markets, filed for Chapter 7 bankruptcy October 18. Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-10-29 00:00:00 UTC ]
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The Illinois book distributor to schools and libraries has sent a letter to creditors saying it can no longer meet its financial obligations and is in the process of liquidating its assets. Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-11-14 00:00:00 UTC ]
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The company expands its printing and distribution services by purchasing one of the largest publication printers in the U.S. The post LSC Communications Acquires Publishers Press appeared first on Folio:. Continue reading at Folio Magazine
[ Folio Magazine | 2017-09-07 00:00:00 UTC ]
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The multimedia retailer filed for Chapter 11 June 13 with the hope of giving the company more time to find a new buyer. Without a sale, Hastings will likely be forced to liquidate as early has mid July. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-13 00:00:00 UTC ]
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Gawker Media filed for Chapter 11 bankruptcy on Friday, shortly before announcing the iconic blog network has reached an agreement with Ziff Davis to purchase its seven brands and other assets. Gawker's brands include Gawker.com, Deadspin, Lifehacker, Gizmodo, Kotaku, Jalopnik and... Continue reading at AdWeek
[ AdWeek | 2016-06-11 00:00:00 UTC ]
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The nation's largest Christian bookstore chain has filed for bankruptcy and plans to reorganize. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-02-12 00:00:00 UTC ]
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