Houghton Mifflin Harcourt Publishing
Co., the publisher of authors from Mark Twain to J.R.R. Tolkien,
sought bankruptcy protection to eliminate more than $3 billion
in debt.
The company, based in Boston, listed assets and debt of
more than $1 billion each in Chapter 11 documents filed today in
U.S. Bankruptcy Court in Manhattan. More than 20 affiliates also
entered bankruptcy, including Broderbund LLC and Classroom
Connect Inc.
The filing comes as traditional print-book publishing faces
growing competition from e-books. Sales of adult paperbacks and
hardcover books fell 18 percent from 2010 to 2011, according to
the Association of American Publishers. Borders Group Inc., the
second-largest U.S. bookstore chain, filed for bankruptcy in
February 2011.
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