H.B. Fenn & Company, Canada’s largest book distributor, has initiated bankruptcy proceedings without warning. The National Post quoted former publicist Lisa Winstanley as saying, “We’re ceasing operations effective immediately.”
According to an official statement, Fenn recently “encountered significant financial challenges due to the loss of distribution lines, shrinking margins and the significant shift to e-books, all of which have significantly reduced the company’s revenues.” Canadian bankruptcy law allows 30 days to file plans for restructuring, but operations have ceased and the company’s workforce of over 125 people has already been laid off, as reported by Quill & Quire.
Fenn handled over 40 publishers and imprints and distributed over 50,000 titles; the largest US client is Macmillan, which is exploring other avenues for distribution.
See The Star for more information.