Entertainment Publications, the 50-year-old company that publishes a ubiquitous coupon book sold mostly through fundraisers in more than 150 cities, filed for Chapter 7 bankruptcy liquidation March 12, 2013.
Charles Forman was appointed as bankruptcy trustee, authorized by the U.S. Bankruptcy Court in Delaware on March 25 to operate the company until a sale is complete.
Under Chapter 7, a company normally ceases all operations resulting in massive layoffs, but in this case Entertainment Promotions resumed business after Mr. Forman’s appointment, proudly continuing to service its consumers, merchants, partners and vendors.
As part of Forman’s approved motion, Potiker worked in conjunction with him to operate the company until the sale was complete, saving countless jobs. – Crain’s Detroit Business
Lowell Potiker, who has purchased the company at auction for $17.5 million, is the son of Hughes and Sheila Potiker, who founded the original company as Sports Unlimited in 1962. The Potiker family owned and operated Entertainment for more than three decades before selling the company in 1992 to CUC International. It was sold to The Carlyle Group in 1999 and IAC in 2003.
Read more about the Chapter 7 bankruptcy filing and subsequent purchase in Crain’s Detroit Business articles.