F+W MEDIA MAY LAY OFF 66 AT KRAUSE PUBLICATIONS Público Deposited
Scary news on the fate of Krause Publications, whose parent F+W Media has filed for bankruptcy. The firm is seeking buyers for Krause, but according to an article in the Stevens Point Journal if a buyer cannot be found all 66 people working at the Krause main office could be laid off. -Editor
The owner of Krause Publications may lay off 66 people and shutter its Stevens Point office if they can't find a buyer in the next few months.
The notice from F+W Media, based in New York, to the Wisconsin Department of Workforce Development on April 1 comes as the company looks to sell off the various media properties it owns owns amid a Chapter 11 bankruptcy it filed in March. The potential layoff targets employees at Krause Publications, formerly of Iola.
Krause Publications relocated to office space on Joerns Drive in Stevens Point last spring after the Iola Car Show acquired its historic building, according to Krause's Numismatic News and Old Cars Weekly.
F+W laid off 41 people in January 2018. The layoffs were a part of F+W's 2017 out-of-court reorganization deal with lenders to forgive the company's debt for a $15 million cash infusion and control of the company.
This month's notice from Gregory Osberg, CEO of F+W Media, says employees could still lose their jobs if the company finds a buyer. The bulk of the jobs in Stevens Point include editing, graphic design, design and advertising positions.
The company acquired Krause Publications in 2002.
I haven't heard news of any negotiations, but I haven't been asking around either - potential buyers wouldn't talk while a deal is in the works, plus it's hard to even know who else in our industry isn't having similar hard times. It's been a bad year for journalism and publishing everywhere. -Editor
To read the complete article, see:
F+W Media may lay off 66 people, close Krause Publications' Stevens Point office (https://www.stevenspointjournal.com/story/news/2019/04/05/krause-publications-stevens-point-may-close-f-w-media-may-lay-off/3368539002/)To read about another longtime publisher going under, see:
Johnson Publishing Company, the ex-publisher of Ebony and Jet magazines, files for bankruptcy (https://www.washingtonpost.com/business/2019/04/10/johnson-publishing-company-which-produced-ebony-jet-magazines-files-bankruptcy/)To read an earlier E-Sylum article, see:
KRAUSE PUBLICATIONS PARENT FILES FOR BANKRUPTCY (https://www.coinbooks.org/v22/esylum_v22n11a07.html)- 2019-04-14
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