F + W Media, publisher of, among others, Family History Magazine, has recently requested bankruptcy protection. It was Forbes who reported this earlier this month.
The publisher was established as far back as in 1913 in the USA. It has been struggling in recent years. Poor investments and poor management account for the main reasons why the publisher, now after 116 years, is seeking bankruptcy protection.
The publisher is known for publishing journals and books in both printed and digital form. F + W Media also produces video clips and podcasts, just to name two.
Bankruptcy can hit as many as 70,000 subscribers
Family Tree Magazine would mark its 20 year anniversary online next year. However, it remains to be seen whether it will survive the bankruptcy of its publisher.
The journal is published online and also 7 times a year on paper. According to Wikipedia, about 70,000 people subscribe to this magazine.
The total debt is not clear at this stage
The publisher itself claims to have around US$ 2.5 million in cash and assets between $50 million to $100 million. This doesn’t help much when the publisher also has between 1,000 to 5,000 creditors who can claim somewhere between US$ 100 million and US$ 500 million.
Some of its assets were sold last year in order to improve the company’s liquidity. However, it turned out not to be enough to save the company from its current situation.
In addition to the Family Tree Magazine, F + W Media, is behind releases such as:
Still hope for further operations
Despite what may now seem like a hopeless situation for F + W Media and thus also for the Family Tree Magazine, there is still hope for further operations.
The publisher has now taken the big step and asked for bankruptcy protection. This clears the way for the possibility of all debts to be reduced, restructured or eliminated.