Children’s book publisher Albert Whitman has filed a voluntary petition for Chapter 11 bankruptcy in the Northern District of Illinois. According to the filing, the company owes approximately $1.66 million to creditors, the largest sum being nearly $256,000 to Lakeside Book Company. For years now, going back to 2020 but also recently, there have been complaints about the publisher being delinquent on royalty payments. In 2023, Whitman sold the rights to the Boxcar Children books to Random House Children’s.
Finance
WH Smith to Sell Bookstores to Modella Capital
British retailer WH Smith has agreed to sell its High Street bookstore business to Modella Capital, valued at £76m on a cash and debt-free basis. They expect gross cash of £36 million at completion, £6 million a year later, and another £10 million “based on timing and realization of certain tax assets within the High Street business.” The deal is expected to close in the final quarter of the company’s fiscal year, ending August 31. The company is represented by Greenhill & Co. International for financial advising and Herbert Smith Freehills for legal advising. During a “short transitional period,” the […]
Sutherland House Acquires Fitzhenry & Whiteside
Canandian independent publisher Sutherland House has acquired Fitzhenry & Whiteside. The acquisition includes Fitzhenry & Whiteside’s imprints Red Deer Press, Fifth House Publishers, and Whitecap Books, and their backlists, which “will be preserved and revitalized under the Sutherland House banner.” “We’re honored that Fitzhenry & Whiteside has entrusted us with its remarkable legacy,” said Kenneth Whyte, publisher of Sutherland House Books in a release. “F&W has played a defining role in Canadian publishing for nearly six decades, nurturing generations of authors and producing works that shaped classrooms, conversations, and culture. We’re honoured to carry their legacy forward, to steward their […]
Alliance to Acquire Diamond Assets
Alliance Entertainment will buy most of the assets of Diamond Comic Distributors in Diamond’s bankruptcy sale, subject to court approval, with a hearing scheduled for Thursday morning. The deal includes Diamond Comic Distributors (U.S.), Alliance Game Distributors, Diamond Select Toys & Collectibles, and Collectible Grading Authority, and is expected to close in April. The acquisition will expand Alliance’s portfolio with Diamond’s IP and broaden Alliance’s reach into comic book shops and other retailers serviced by Diamond. The winning bid has not been released yet, but Alliance says it will increase its revolving credit facility by $40 million to finance the […]
Unbound Assets Sold to Its Own Execs in Bankruptcy Deal
UK crowd-funded publisher Unbound, which recently fell short of its fundraising goals and failed to pay authors and freelancers, has gone into bankruptcy administration, the Bookseller reports. A new company run by Unbound’s top executives, called Boundless IP Ltd, has bought Unbound’s IP, publishing contracts, vendor relationships, and other assets in a “pre-packaged sale”. Boundless is a “full-risk traditional publisher” run by Unbound ceo Archna Sharma and co-founded by Unbound co-founder and publisher John Mitchinson, who will act as director. Sharma has brought in new investors to the new company. Boundless says that they will continue the publication of most […]
Zando to Acquire Tin House Books
Zando will acquire Tin House’s book publishing operations, including their frontlist, backlist of more than 200 titles, and trademark. According to the announcement, “Zando plans to elevate the impact of Tin House’s existing, illustrious backlist, activating Zando’s own robust publishing infrastructure to enhance sales, marketing, and distribution efficiencies for Tin House titles. Their shared aim is to enable the literary publisher to maintain its stellar pedigree while augmenting its abilities to discover and nurture today’s best literary talents.” Tin House founder Win McCormack will “continue his association with the list” as chair of Tin House. Tin House editorial leader Masie […]