2023-10-12 19:57:58
I/O Media, the group that owns the magazine Stubborn (Opera magazine, Poetrybut also since 2022 Ideas, The Good Life et Dim Dam Dom), va mal. “I am placing the company in receivership so that a receiver can help me reprocess the debt”announces its founder, Albin Serviant, who informed the fifty employees of his young group on Thursday, October 12 in the morning.
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On Wednesday, the entrepreneur had already alerted his teams to the difficulties encountered: the group’s finances do not allow it to repay the loans guaranteed by the State taken out during the crisis linked to Covid-19, i.e. two million euros. « Stubborn is doing well, with 3 million turnover and 10% gross operating surplushe explains. But the turnover of the Ideat-The Good Life entity is, at 8 million, down by one million euros. »
A few layoffs in the spring already foreshadowed economic difficulties, when the price of the main publications had been increased before the summer to cope with the increase in the cost of paper. The judicial recovery procedure can last six months, renewable once, but can also be interrupted if a solution is found. “I want to preserve talents and I believe in what I do”assure Albin Serviant.
Titles “too dependent on newsstands and ”
The redesign of the bimonthly The Good Lifethis summer, “was good and the Back-to-School Art Special was a hit, welcomes the leader. With 30,000 copies sold, we returned to 2021 levels.” But the diversification strategy that he successfully implemented to Stubborntaken up once more in 2018 at the commercial court, has not yet gained sufficient traction for these two other titles. “Too dependent on kiosks and ”the two magazines (a new formula ofIdeas is in preparation for 2024) “pull down results”.
Since this summer, Albin Serviant “chat with everyone”, hoping to find a press group to support I/O Media. Among them, Prisma Media confirms having looked at the file, but no takeover offer “is not on the agenda”assures the group.
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