U.S. magazine wholesaler filed for Chapter 11 Bankruptcy
Posted on Friday, June 27th, 2014 at 5:33 pm
Source Home Entertainment Inc. recently filed for Chapter 11 Bankruptcy after being plagued by economic hardships in recent years, the New York Post reported on June 23.
The official bankruptcy was publicly announced a month after the company stopped operating. In their bankruptcy filing, the company had a debt of $290 million with assets of $205 million. One of their most important clients, Time Inc., ceased using their services at the end of May, after not receiving payments for a few months. Source Home Entertainment Inc. was one of the largest magazine wholesalers in the country, and many of the company’s former clients are scrambling to find an alternative service.
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