caught my eye - look_telescopeWe thought we’d share a number of follow-up articles and posts that have both “caught our eye” and have added to the continuing saga of Swets filing for bankruptcy.

Enjoy!

 


 

  • Swets Information Services B.V. declared bankrupt is the official press release from Swets.  It claims that despite the best efforts of the Management team and Mr J.L.M. Groenewegen (CMS), the appointed administrator “unfortunately, concrete alternatives to sell the business as a whole have not materialised and due to these developments Swets Information Services B.V. filed for bankruptcy on 23 September 2014. The court of Amsterdam honoured this request and as per 23 September 2014 Swets Information Services B.V. is declared bankrupt.
    Mr. J.L.M. Groenewegen has now been appointed as trustee and the court of Amsterdam has also granted a cooling off period (afkoelingsperiode) for a duration of two months…”

  • Netherland-based publisher Swets is filing for bankruptcy is a post by Kirsten Reach on the Melville House website. Ms. Reach offers a brief rundown of the company’s financial woes over the last ten years that lead to “last year’s loss of 1.9 million Euros on a revenue of just 550 million Euros.” She goes on to say that “according to RTL News, the company’s loans are due immediately and it just won’t be able to make that payment. They say it is due to the shift in the economy and the poor margins in digital sales, industry-wide…”

  • Swets to dispose of subsidiaries in fire sale from the website EducationInvestor reports that “subsidiaries of the distressed Dutch publisher Swets are up for sale after an attempt to sell the group fell through.
    This month, EducationInvestor revealed Gilde Buyout Partners was seeking a buyer for Swets, which turned over half a billion euros last year. But after failing to find one, Swets’ Dutch arm, Swets Information Services BV, declared bankruptcy in the court of Amsterdam on 23 September.
    Swets confirmed, however, that it was still looking to sell its foreign subsidiaries, which comprise about 80% of the business and are said to be more profitable…”

  • Swets Information Services B.V. is declared bankrupt is an analysis/opinion piece from Research Information.   While it repeats much of what was in the official press release it also notes that according to the 2103 annual report “many of the problems result from the continued move from print to digital. ‘Commissions on digital products are lower than print subscriptions with the average gross profit margin for print subscriptions at 10.5 per cent to digital at an average gross margin of 4.4 per cent…. Digital formats have also facilitated large publishers to establish direct customer relationships, resulting in partial customer losses,’ said the report…”
    (Those interested in combing through the tea leaves can click Annual report 2013 to view it in it’s entirety.)

 

 

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