The company is one of the country's largest publishers of specialty and enthusiast media, but a shift to ecommerce failed, according to the filing.
It also owes $486,138 on a lease in Norcross, Georgia; $400,723 to the book publisher Dover Publications; and $82,024 to Lindenmeyr Paper. The full list ofOver the past decade, F+W has grown significantly, acquiring Catalyst Aspire Holdings Corp., Frontenac Aspire Holdings Corp., Aspire Media, Aspire Operations, and Interweave Press. But in the last 12 months it has scrambled to divest various assets.
spent approximately $6 million on its efforts to sell craft ecommerce and generated only $3 million in revenueA 2017 restructuring reduced debt, but"largely as a result of mismanagement, the Company exhausted the entire $15 million of the new funding it received in the six months following the Restructuring," CEO Osberg continued.
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