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Book publisher files for Chapter 7 bankruptcy

A company specializing in cook book publishing has filed for bankruptcy, business news reports. Good Enterprises Ltd. was the parent company for Good Books publishing, which South Carolina residents may recognize as a small publisher of a popular line of cookbooks. The company officially closed its doors as of Dec. 6, and filed for Chapter 7 on Dec. 10.

Good Enterprises was the parent company for a variety of small businesses, but the company's president credited Good Books as their primary revenue generator. While she regretted the decision to lay off all 35 of the company's employees, she cited flagging book sales as the impetus for her decision. The offices of Good Books closed the same day as the layoffs were processed.

The company lists assets between $10 million and $50 million, with outstanding credit to the tune of $1 million to $10 million spread across anywhere between 200 and 999 creditors. This may appear to be unusual since the company is technically worth more than its debts, but the numbers are unspecific and could denote a far narrower margin than what might be apparent. It is hoped that by filing early, the company will have additional assets available to pay off unsecured creditors.

Chapter 7 bankruptcy is something of a bittersweet end to a company's lifetime. While it can be a difficult pill for some South Carolina business owners to swallow, it is important to remember that it often reflects sound business decision making. Liquidating assets to satisfy creditors frees individual business owners from the responsibility of shouldering that debt themselves and also offers them the opportunity to regroup and pursue additional investment opportunities.

Source: publishersweekly.com, Good Books Parent Files for Chapter 7, No author, Dec. 11, 2013

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