Pages Magazine Files Chapter 11
A bit of important news for the freelancers in our ranks: Advanced Marketing Services -- custom publisher, book wholesaler, and owner of Pages Magazine -- filed Chapter 11. They also borrowed $75 million to keep their operations running while they straighten out their financial problems.Their press release says: "Chapter 11 protection will enable the Company to continue to conduct business in the normal course, make payments to vendors going forward and continue delivering quality service and products to customers."
I do hope that's true, for the sake of the freelancers writing for them, and the book world in general -- the last thing we need is for Pages to join the the ranks of great defunct book magazines.
posted by Rebecca Skloot 2:32:00 PM
2 Comments:
The whole thing is a massive disaster. Pages is about the only thing worth saving from AMS, which has been appallingly mismanaged for the past five years.
A great many of PGW's publishers (ourselves included) are severely imperiled. There's a high likelihood that a cascade of publisher bankruptcies will follow, due to the fact that the monies in effect impounded by the bankruptcy likely amount to between 35% and 50% of each company's ANNUAL revenue...Given that we typically survive on 0-8% profit margins, it's simply enormous.
I didn't realize the scope in terms of money from publishers being impounded by all this. That's awful to hear. I really hope Soft Skull isn't hurt by this. Please do keep us up to date on how things unfold.
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