After almost two centuries, Baker & Taylor, a nationwide library book distributor, will reportedly shut down operations in January.
Baker & Taylor CEO Aman Kochar told employees Monday that following a recent failed acquisition deal with ReaderLink, the Charlotte-based company has no viable path forward, though he had hoped to find another solution, Publishers Weekly reported.
As a result, about 520 employees were laid off, severance plans were canceled, and the book wholesaler plans to shut down operations early next year, according to the outlet.
The Independent has contacted representatives for Baker & Taylor for comment.
ReaderLink, a leading book distributor that supplies major mass-market retailers, had signed a Letter of Intent to purchase Baker & Taylor and nearly all of its assets. However, the deal ultimately fell through last month.
Baker & Taylor has long specialized in distributing digital and print books to libraries and schools nationwide, while ReaderLink primarily serves large retailers such as Walmart, Target, Sam’s Club, BJ’s Wholesale Club, and Hudson News, and is considered North America’s largest full-service distributor to non-trade booksellers.
The collapsed deal reportedly dealt the final blow to B&T, which had already been struggling with financial challenges, including cyberattacks and supply chain disruptions.
B&T had previously reduced staff earlier this year, but still reportedly employed around 1,500 people before the latest layoffs.
In particular, one of B&T’s major distribution centers in Momence, Illinois, experienced heavy cuts. Of the 318 staff there, 253 people were laid off on October 6, while 62 others will stay through December 22, Shaw Local reported.
A smaller “post-wind down” team of three is scheduled to remain until January 3. The outlet said.
Details of the shutdown were revealed Monday in a filing under Illinois’s Worker Adjustment and Retraining Notification Act, Publishers Weekly reports. The WARN report cited the collapsed ReaderLink acquisition and noted that, despite Baker & Taylor’s efforts, the company was unable to find a way to continue operating.
