Meanwhile, the surprise bankruptcy filing came yesterday from Canada, where the country’s largest distributor HB Fenn & Company initiated bankruptcy proceedings under the country’s Bankruptcy and Insolvency Act. In a brief statement Fenn said it had “encountered significant financial challenges due to the loss of distribution lines, shrinking margins and the significant shift to e-books, all of which have significantly reduced the company’s revenues.” The company’s Lisa Winstanley told the National Post more bluntly, “we’re ceasing operations effective immediately.” The paper calls it “the largest collapse of a Canadian publishing company since General Distribution Services/Stoddart Publishing went under in August […]
