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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If you were listening in to our Global Publishing Summit on February 24-26, you’re probably still processing the wealth of insights, tips and strategies shared by all the speakers we heard from over the course of the summit. If you weren’t able to attend, fear not: we’re here to distill the key... Continue reading at Digiday
[ Digiday | 2021-03-08 05:01:00 UTC ]
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Orion has reshaped its marketing and publicity teams to create a “supercharged” communications department. Continue reading at The Bookseller
[ The Bookseller | 2021-02-26 04:57:21 UTC ]
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Author Brené Brown offered the keynote talk on the final day of the ABA's Winter Institute and urged booksellers to improve their communication skills and not to anticipate a return to normalcy, but to prepare for a future of constant disruption. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-02-22 05:00:00 UTC ]
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Nadia Odunayo, who was one of the keynote speakers at last year’s virtual FutureBook Conference, reveals the story of the growth of The StoryGraph—and its hopes for the future. Continue reading at The Bookseller
[ The Bookseller | 2021-01-21 14:49:59 UTC ]
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W H Smith has delayed a £25,000 pay increase for c.e.o. Carl Cowling after 33% of voting shareholders opposed the company's remuneration plans at this week's annual general meeting. Continue reading at The Bookseller
[ The Bookseller | 2021-01-20 17:11:37 UTC ]
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Peter McGuigan, the cofounder of Foundry Literary + Media, filed a lawsuit against his former business partner, Yfat Reiss Gendell, on Friday. The suit claims that Gendell made illegal withdrawals of more than $860,000 from the former partners' literary agency. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-01-19 05:00:00 UTC ]
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Amazon is being sued for anti-competitive behaviour in the United States by the same law firm that successfully sued Apple and five major publishers for colluding to fix e-book prices in 2011. Continue reading at The Bookseller
[ The Bookseller | 2021-01-17 12:13:54 UTC ]
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Hachette Children’s Group has acquired a non-fiction collection of 100 "weird and wonderful" creatures by author Sarah Banville and illustrator Quinton Winter who worked on Stories for Boys Who Dare to be Different. Continue reading at The Bookseller
[ The Bookseller | 2020-11-01 21:30:53 UTC ]
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The Paris commercial court has rejected the demand by Vivendi SE and the UK's Amber Capital for Hachette Livre parent company Lagardère SCA to hold an early extraordinary shareholders meeting. Continue reading at The Bookseller
[ The Bookseller | 2020-10-15 11:42:49 UTC ]
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As Chelsea Green prepares to release Naomi Wolf's previously-cancelled 'Outrages,' it’s the politics of American publishing that worry publisher Margo Baldwin. "You can disagree with me. But you don’t get to tell me what I can publish or not publish," Baldwin said. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-05 04:00:00 UTC ]
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Former Disney chairman Andy Bird is to take up job at education publishing group in OctoberPearson has suffered a significant shareholder revolt against controversial changes to its remuneration policy, which will grant its new chief executive a multimillion-dollar pay package.Almost a third of... Continue reading at The Guardian
[ The Guardian | 2020-09-18 14:02:55 UTC ]
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After the sudden and unexpected loss of its CEO, Macmillan looks to move forward. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-18 04:00:00 UTC ]
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The private equity firm Atlas Holdings, with the support of a creditor group, has agreed to acquire LSC Communications in a deal that is expected to close before the end of the year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-15 04:00:00 UTC ]
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A quarter of a century after the Women’s Prize for Fiction launched, co-founder Kate Mosse looks at how it has helped to change the publishing landscape and looks ahead to its virtual ceremony. Continue reading at The Bookseller
[ The Bookseller | 2020-09-04 15:39:23 UTC ]
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The auction to acquire the assets of LSC Communications, which was to take place on September 3, has been postponed until September 9. Bids for the company have not yet been made public. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-09-02 04:00:00 UTC ]
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Oxford University Press has appointed Lisa Attenborough as its new group communications director. Continue reading at The Bookseller
[ The Bookseller | 2020-09-02 03:02:21 UTC ]
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Buyers considering a purchase of the printing giant's assets now have until August 26 to file a bid, and the auction has been moved to September 3. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-08-18 04:00:00 UTC ]
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Timing is everything, but during the pandemic, it largely hasn’t been on the side of businesses. So I was recently surprised to see The Strand, whose iconic storefront in Union Square attracts thousands of visitors a year, opening a new branch in my neighborhood last month—and in a space where,... Continue reading at Literrary Hub
[ Literrary Hub | 2020-08-12 19:56:27 UTC ]
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Bluebird has snapped-up an “extraordinary” book by communication expert Christine Hunger about how she taught her dog to “talk”. Continue reading at The Bookseller
[ The Bookseller | 2020-07-17 11:12:53 UTC ]
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Booksellers are preparing themselves for customers’ mandatory use of face masks in shops from 24th July, expressing some misgivings, particularly should they be required to enforce the government’s new rules. Continue reading at The Bookseller
[ The Bookseller | 2020-07-15 03:08:25 UTC ]
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