Starting a big business like a publishing company requires a very big investment as you need to buy the proper equipment and tools that are helpful in publishing several pieces. Therefore, most of the publishing companies borrow the money from some top companies to start their business. There are many banks and financial companies that agree to pay a specific amount of money with several terms and condition.
This facility is considered to be a great opportunity most of the times but sometimes, this opportunity becomes a major headache if the company fails to pay back the money on time. In this condition, some companies think of filing for bankruptcy so they can get out of this situation and get back on the track. In today’s article, we’re going to talk about some of the popular publishing companies that had to file for bankruptcy due to some critical conditions.
Hachette Book Group
Hachette Book Group is one of the most popular book publishing companies in the world. This company has successfully published many popular books over the past few years and they have also won several awards for the best publishing company of all the times. But the situation was always not the same. The company started with a minor investment after taking debt from the bank.
The company started its journey very well but suddenly after some years, they suffer from bankruptcy due to the failure of some books they published. So, they decided to file for a bankruptcy and they did so. And fortunately, they managed to get back on the track and today they are one of the best publishing companies in the world.
“Mcmillan publishers” is another fastest growing publishing company in the world. The company started its journey in the US and then it expanded to the several other countries. Now, they have their branches available in almost all the famous countries like Australia, UK, Germany, and South Africa etc. This company is considered to be one of the top publishing companies in the world and people appreciate the efforts of this company but only a few people know the story behind this incredible success.
The company suffered from bankruptcy right after a few years of its start. The CEO was about to close the company but then he realized that if he ever gets another chance in the life he can bring his company back to the track. So, he decided to file for a bankruptcy and now the situation is right in front of you. So, the history of this company is a great motivation for those who have lost hope because it’s never too late.