Luxury magazine gets a new owner
Luxury Magazine has filed for bankruptcy protection after a sale of its parent company to a company led by billionaire investor and hedge fund manager Jeff Bezos.
The move is likely to put an end to an era of strong growth at the magazine.
Bezos, who founded Amazon in 1997, has been investing heavily in tech companies, including his own.
But his wealth has also drawn criticism from some advertisers and investors.
Luxury said Friday it will continue publishing in print.
It is expected to report its results on Tuesday.
The bankruptcy filing came after the bankruptcy trustee, the bankruptcy court in Washington, D.C., said it had decided to pursue a plan of liquidation of the magazine’s assets and assets of its creditors, including the New York City-based publisher.
In January, the judge in the bankruptcy case ordered the publisher to pay $2.6 million in damages to the publisher’s creditors.
The deal with Amazon is expected give Bezos a significant boost to his empire of online retail, which is struggling to adapt to a rapidly changing business climate.
It also comes as the publisher is struggling financially amid the fallout from the Harvey Weinstein sexual harassment scandal.