Search Results for: "family christian stores"
Family Christian Stores Survive Bankruptcy
In case you missed the news, last Tuesday the court approved the sale of the Family Christian Stores (FCS) to FCS Acquisitions. The new owner is basically the previous owner since Richard Jackson was part of that company too (which I have written about before-click to read). This sale, in essence, wipes clean over $120 million in debt that the stores owed. Their $75 million in assets will be …
The Sale of Family Christian Stores Halted
In case you missed the news, late last week the judge presiding over the bankruptcy case of the Family Christian Stores (FCS), voided the auction results on which I reported three weeks ago (see that story here). There were a number of reasons for the judge’s decision. On page eleven of his 48 page ruling the judge called the auction process “nothing short of chaotic” and said that some mistakes …
Bidding Completed for Bankrupt Family Christian Stores
This past week a complex and long auction process was completed and a winning bid has been chosen to purchase the bankrupt Family Christian Stores (FCS). If this final bid is approved by the court the FCS will emerge from bankruptcy and resume business as usual. If you have been following this ordeal (our blog #1 and blog #2) you know how complicated it had become. The end game is no less …
More About the Family Christian Stores Bankruptcy
Last week we discussed the details of the Family Christian Stores (FCS) Chapter 11 bankruptcy filing. Since then I have spoken to numerous publishers and both industry and outside experts. Much new information has surfaced. What I’m writing here is based on those conversations and on a number of public news reports. Who is Going to Get Paid? FCS owes more than $40 million in unpaid …
Simon & Schuster Bought by Penguin Random House
In case you missed the news last Wednesday, the Big Five will soon become the Big Four. The largest book publisher in the world (Bertlesmann, parent company of Penguin Random House) has successfully bid to buy Simon & Schuster (S&S) publishing house from ViacomCBS. This will make Penguin Random House (PRH) more than twice the size of its nearest competitor, Harper Collins. The price? …
Industry Update for Authors During the Pandemic
[A variation of today’s post was sent to our clients last week, but by request I was asked to update it and make these thoughts available to everyone.] __________ I hope this note finds you well among this global scourge which has affected us and our loved ones. As you hunker in your bunker for awhile, you may have wondered about the state of the publishing industry. Editorial For now things …
Lifeway Stores to Close
Last week the Lifeway Christian Store chain announced the closure of all 170 of their stores by the end of this calendar year. This is follows the closure of the Family Christian Stores in 2017 (240 locations). And in 2012 the Cokesbury chain closed (35 stores). Over 400 total locations closed in seven years. You may also recall that Borders closed 500 locations in 2011. (I started my career in …
Rumbles in CBA
News broke late last week that key staff people in CBA (aka Christian Booksellers Association) are no longer working for the association. In what appears to be a purge, Curtis Riskey, president for 11 years, is no longer working there. Other key people are either no longer with the organization or are on their way out. In addition the chairman of the CBA board resigned last month. According to an …
A Year in Review – A Look at 2017
I find it a healthy exercise to review the past as it can be encouraging to note progress and look at the foundation for the future. The Industry Our industry continues to create tremendous books but few new ones “break out.” It is hard to gain the attention of readers and buyers in our media-saturated society. And yet books continue to sell! It was almost a foregone conclusion, so in February …