Wednesday, May 26, 2010

More financial problems at Augsburg Fortress...

A little over a year ago, Fortress Press closed all of their stores.  Now there is more financial trouble... the publisher is shutting down its pension fund, affecting hundreds of retired staff.  While the publisher is connected to the ELCA, the denomination has declined to offer its support.  There is a facebook group that offers a lot of links about the situation as it continues to develop.  The decision was announced at the beginning of 2010, but it's getting a good bit of press right now because of legal action that is being taken against Augsburg Fortress (I first heard about it today through the NPR story, linked above).

Do keep the families that are affected by this in mind and prayers.

1 comment:

  1. Yikes. I'd heard rumors for years that they were in the red, but still keep churning out tons of titles. Bad news.