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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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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Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday but expects to emerge from restructuring by the end of June.Publisher Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy protection Monday but expects to emerge from restructuring by the end of June. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-05-21 00:00:00 UTC ]
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Book chain Selexyz, not long ago the dominant force in Dutch high street bookselling, is on the... Continue reading at The Bookseller
[ The Bookseller | 2012-03-29 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Mon, 14/02/2011 - 08:46 Borders is expected to file for bankruptcy as soon as tomorrow [15th February], after it failed to agree new funding of more than $1bn with lenders. The book retailer has been struggling for months, with Publishers Weekly... Continue reading at The Bookseller
[ The Bookseller | 2011-02-14 00:00:00 UTC ]
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Fortified by advice and tips from Ann Patchett and Emma Straub, her fellow authors-turned-indie-booksellers, the author of 'Fates and Furies' and 'Matrix' readies to open her new bookstore, the Lynx, in downtown Gainesville, Fla., this spring. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-18 04:00:00 UTC ]
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James L. Swanson's bestselling book is the basis for Apple TV+'s "Manhunt," but the cast and creator also turned to historical documents from the real people depicted. Continue reading at Los Angeles Times
[ Los Angeles Times | 2024-03-15 10:00:15 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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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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Workers at the Barnes & Noble on West 82nd St. in Upper Manhattan are seeking representation with the Retail, Wholesale and Department Store Union in the third unionization effort launched at a B&N location in New York City this past year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-02-20 05:00:00 UTC ]
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On Tuesday, the ownership group that controls Denver's Tattered Cover bookstores filed the first part of its bankruptcy reorganization plans, citing some $3.1 million owed to unsecured creditors, including half a million dollars to its former CEO. A further $820,000 is owed to secured lenders. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-01-18 05:00:00 UTC ]
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Cevian Capital founder argues most of education publisher’s business is there and move would raise its valueBusiness live – latest updatesPearson’s biggest shareholder has said it should be relisted in the US, arguing that leaving London would be better for shareholders as most of the education... Continue reading at The Guardian
[ The Guardian | 2023-12-15 12:22:42 UTC ]
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A 12-page excerpt of the new graphic adaptation of historian C.L.R. James’s 1934 play about the Haitian Revolution by Nic Watts and Sakina Karimjee. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-09-20 04:00:00 UTC ]
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Métro Média will declare bankruptcy this week, permanently ending its coverage of local government in parts of the province's two largest cities, the head of the Quebec newspaper publisher said Sunday. Continue reading at CBC
[ CBC | 2023-09-17 21:15:07 UTC ]
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