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Old 05-21-2012, 02:31 PM   #1
fjtorres
Grand Sorcerer
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HMH hits Chapter 11

The weakest of the publishing conglomerates, HMH, filed chapter 11 papers.
It wasn't ebooks that pushed them over the edge; apparently it was textbooks.

Quote:
"The global financial crisis over the past several years has negatively affected" Houghton Mifflin's financial performance, in a business that "depends largely on state and local funding" for the schoolbook market, said William Bayers, company general counsel, in court papers.

He cited "recession-driven decreases" and "purchase deferrals" by the states and a "lack of anticipated federal stimulus support" for "substantial revenue decline."

From: http://www.sfgate.com/cgi-bin/articl...#ixzz1vWuEoqdD
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