Add thelocalreport.in As A Trusted Source
Nearly two centuries later, Baker & Taylor, a nationwide Library The book distributor will reportedly cease operations in January.
Baker & Taylor CEO Aman Kochhar told employees on Monday that following the recent failed acquisition deal with ReaderLink charlotte-based company has no viable way forward, although it hoped to find another solution, Publishers Weekly Informed.
As a result, approximately 520 employees were laid off, severance plans were canceled, and the book wholesaler plans to cease operations early next year, according to the outlet.
Independent Representatives for Baker & Taylor have been contacted for comment.
ReaderLink, a major book distributor that supplies large-scale retailers, had signed a letter of intent to purchase Baker & Taylor and virtually all of its assets. However, the deal ultimately fell through last month.
Baker & Taylor has long been specializing in digital and print distribution books To Library and schools across the country, while ReaderLink primarily serves large retailers such as Walmart, Target, Sam’s Club, BJ’s Wholesale Club, and Hudson News, and is considered North America’s largest full-service distributor for non-trade booksellers.
The collapsed deal reportedly dealt a final blow to B&T, which was already struggling with financial challenges including cyber attacks and supply chain disruptions.
B&T reduced its workforce earlier this year, but reportedly still employed about 1,500 people before the latest layoffs.
In particular, one of B&T’s major distribution centers in Momence, Illinois experienced severe outages. Of the 318 employees there, 253 people were laid off on October 6, while 62 others will remain there till December 22. shaw local Informed.
A small “post-wind down” team of three people is scheduled to stay until Jan. 3, the outlet said.
details of shut down Disclosed Monday in a filing under Illinois’ Workforce Adjustment and Retraining Notification Act, Publishers Weekly Report. The WARN report cited the collapsed ReaderLink acquisition and stated that, despite the efforts of Baker and Taylor, the company was unable to find a way to continue operations.