Bankruptcy Results in Nelson Charge
by Staff -- Publishers Weekly, 2/11/2002
Thomas Nelson has announced that it will take a one-time charge for the third quarter ended December 31, 2001, related to the bankruptcy filing for Kmart. The mass merchandiser owed Nelson $4.4 million at the time it filed for Chapter 11.
Kmart accounts for about 3% of Nelson's total revenues, and CEO Sam Moore said he does not think the bankruptcy will have a significant impact on the company's long-term profitability. The publisher has resumed shipping product to the chain on a current-payment basis.
