Iconic Johnson Publishing, the Company That Was Once Behind Ebony and Jet Magazines, Files for Bankruptcy
Johnson Publishing Company, the historic African-American media powerhouse responsible for the start of Ebony and Jet magazines, has filed for bankruptcy.
The company sold Ebony and Jet three years ago to a private equity firm, so Tuesday’s filing for Chapter 7 bankruptcy liquidation will not affect the publications, the Chicago Sun Times reports.
However, the company plans to sell the rest of its assets, which include Fashion Fair Cosmetics.
As the Wall Street Journal reports, the decision to liquidate:
… came after failing to restructure, obtain alternative financing or find a buyer, Johnson Publishing said in a news release.
“This decision was not easy, nor should it have been,” the company added in announcing the move, the Sun Times reports. “Johnson Publishing Company is an iconic part of American and African-American history since our founding in 1942, and the company’s impact on society cannot be overstated.” (read more)