Saturday, February 5, 2011

Digital Publishing Collateral Damage: H.B. Fenn, Canada's Largest Distributor, Goes Bankrupt

PW: "Canadian publishing was shaken yesterday by news that H.B. Fenn and Company, Canada’s largest book distributor and a stalwart in the industry for 30 years, had begun bankruptcy proceedings and appears to be shutting down, leaving its clients and authors scrambling. Fenn issued a brief statement Thursday, saying that it had filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act. That could mean a restructuring proposal to allow the company to continue operating, but in the statement CEO and founder Harold Fenn said, 'My heart goes out to our over 125 employees and to the many publishers we represent, as well as the customers that have supported us over the years.' And indeed, according to sources, Fenn staff were told to pack up their belongings yesterday. ... "