What is the story about?
What's Happening?
ReaderLink has signed a letter of intent to acquire Baker & Taylor, the largest library wholesaler in the United States, along with its assets. The acquisition is expected to close on September 26, with most of Baker & Taylor's current management team and employees joining ReaderLink. Baker & Taylor has faced financial difficulties, including pressures from operating independently and losses from cyberattacks in 2022. ReaderLink aims to enhance Baker & Taylor's operations by leveraging its substantial inventory and distribution capabilities.
Why It's Important?
The acquisition of Baker & Taylor by ReaderLink is significant for the U.S. library and publishing sectors. Baker & Taylor's financial struggles have impacted its service quality, leading to complaints from librarians and credit holds with publishers. ReaderLink's acquisition could stabilize Baker & Taylor's operations, offering improved service and product offerings to libraries. However, concerns remain about the financial liabilities Baker & Taylor owes to publishers, which could affect the publishing industry's financial health.
What's Next?
Following the acquisition, ReaderLink plans to integrate Baker & Taylor's operations with its own, potentially improving service delivery and product availability for libraries. Publishers are awaiting guidance on how outstanding invoices will be handled, which could impact their financial planning. The acquisition may also prompt strategic shifts in the library wholesaling market, influencing competition and service standards.
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