With LPC Group's acquisition of Carol Publishing still not completed, the publishing house has eliminated an undetermined number of production and editorial positions and is cutting back its list. Carol publisher Steven Schragis told PW that with negotiations dragging on, it appears unlikely that a deal will be done. LPC reached a preliminary agreement to acquire Carol in April (News, Apr. 19).
Schragis said that with the possibility that the LPC deal will fall through, he decided it was necessary to create a smaller operation. Carol has published between 100 to 125 titles annually. Schragis said that while he was hopeful a deal with LPC may still be worked out, he is prepared to look at other alternatives.
Schragis declined to discuss what was holding up the merger and representatives from LPC were not available for comment last week.