Cengage, one of the major publishers of college textbooks, has filed for bankruptcy in an effort to stabilize the financial fortunes of the company. We had a relationship with Cengage for many years beginning when Cengage picked up our book when taking over the holdings of Houghton-Mifflin.
Chief executive Hanson claimed the step “will reduce our debt and improve our capital structure to support our long-term business strategy of transitioning from traditional print models to digital educational and research material”.
About five years ago, we tried to explain to Cengage that digital textbooks were coming and our book on the integration of technology would offer a great opportunity to explore new ways to offer content. We never were able to work out an agreement, but there is now some satisfaction in suggesting that they should have explored early instead of putting themselves in the position of trying to catch up.
