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TB Times magazine shut down - same owner as Young Rider, Horse Illustrated

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  • TB Times magazine shut down - same owner as Young Rider, Horse Illustrated

    http://www.paulickreport.com/news/ra...es-operations/

    Really sad. I've got old Thoroughbred Records and have been reading the Thoroughbred Times for almost 20 years. I actually sent htem a letter a couple weeks ago about the great decrease in quality when they went to bimonthly in July.

    I wonder if the other magazines (Young Rider, Horse Illustrated, Hobby Farms, Cat Fancy, Dog Fancy, etc) are also in serious trouble. I read that BowTie also shut down a bird magazine recently.
    It's a uterus, not a clown car. - Sayyedati

  • #2
    I'm guessing that more of their publications are in peril based on the excerpt below from The Paulick Report article you posted. The TB Times had been floating the salaries for 11 employees of other magazines....

    “I was shocked, though in a way I really shouldn’t have been,” Simon told the Paulick Report. “We’d been struggling. He (Ridker) buried the company with debt and overhead from other publications.”

    Simon said the Thoroughbred Times was paying for 11 employees who were working for other publications owned under a different business entity by Ridker, including Hobby Farms, Young Rider, and Horse Illustrated. Those employees, who had been working in the Thoroughbred Times building near Leestown Road in Lexington, moved to different offices earlier this week.

    Comment

    • Original Poster

      #3
      It's crazy. I'm a subscriber so I guess I'm out the money. Don't even know how that works. I feel awful for the employees of TB Times, and how are the employees of the other ones going to handle this?

      I guess 'screw the worker' really is in vogue. Sad.
      It's a uterus, not a clown car. - Sayyedati

      Comment


      • #4
        Sad indeed.

        Comment


        • #5
          I know for a fact that Bow Tie Publications is SERIOUSLY behind on paying writers/ authors of articles from various other magazines from work that was published as far back as April.

          Very sad.

          Emily
          "Courage is not the absence of fear but rather the judgment that something is more important than fear. The brave may not live forever but the cautious do not live at all." ~2001 The Princess Diaries

          Comment


          • #6
            Originally posted by Slewdledo View Post
            It's crazy. I'm a subscriber so I guess I'm out the money. Don't even know how that works. I feel awful for the employees of TB Times, and how are the employees of the other ones going to handle this?

            I guess 'screw the worker' really is in vogue. Sad.
            Businesses in very bad financial situations are rarely screwing their workers (at least not intentionally). Here, it sounds like one thing that finally tanked the publication was the fact that it was paying for employees of affiliated entities, probably in an effort to retain those employees when I was unfeasible to do so.

            Comment


            • #7
              "He (Ridker) buried the company with debt and overhead from other publications.”

              Might be time for a forensic accountant to audit the books; just from the article it appears there was commingling of accounts, misapplication of loans and who knows what else.

              Comment


              • #8
                BowTie has also ceased publication of some of their other mags - "BirdTalk", "Wild Bird", "Aquarium Fish International" among them. In fact, if you've recently subscribed to any of their magazines, you'd best try to find out if they're still being published. I know a few folks who recently subscribed to "BirdTalk", only to receive a letter informing them that their paid subscription was going to be applied to another BowTie mag still in circulation - "Dog Fancy" - lol!! Since none of these folks own or plan to own a dog, there's been more than a little disgruntlement. However, those folks who have called the subscription office HAVE gotten subscription refunds, so it might be worth a phone call if you're among the BowTie subscription walking wounded.

                Comment


                • #9
                  Originally posted by Slewdledo View Post
                  It's crazy. I'm a subscriber so I guess I'm out the money. Don't even know how that works. I feel awful for the employees of TB Times, and how are the employees of the other ones going to handle this?

                  I guess 'screw the worker' really is in vogue. Sad.
                  I finally actually clicked on the link (was on my phone previously, and the link would not work). The company is in chapter 7 bankruptcy, which is a liquidation proceeding. You will likely receive a notice in the mail of the bankruptcy case, along with instructions concerning what you need to do to preserve your claim against the bankruptcy estate for subscription services you have not received. You'll probably get pennies on the dollar, if you get anything at all.

                  Comment


                  • #10
                    Originally posted by clanter View Post
                    "He (Ridker) buried the company with debt and overhead from other publications.”

                    Might be time for a forensic accountant to audit the books; just from the article it appears there was commingling of accounts, misapplication of loans and who knows what else.
                    News articles on bankruptcy filings are notoriously wrong. I'm a bankrutpcy attorney. You would not believe how incorrect most news articles about specific bankruptcy cases are. The media does not understand bankruptcy or insolvency very well.

                    In any event, there is a chapter 7 trustee who will arrange any investigating that is deemed appropriate. Usually, the cost of such investigation exceeds the possible return and isn't really in the best interest of creditors, but who knows? That's for the trustee to decide. I'm always surprised when people are irritated at people or businesses for exercising their federal rights to file for bankruptcy protection. Not all businesses can succeed, and bankruptcy provides a streamlined route to liquidate or reorganize within a logical, fair set of rules.

                    Anyway, it is sad to see a neat magazine like this fail.

                    Comment


                    • #11
                      So, what happens to the magazines that BowTie is still publishing & accepting subscriptions for: "Dog Fancy", "Cat Fancy", "Urban Farm", "Hobby Farm", etc., etc.? There's a ton of them that appear to still be alive.

                      Comment


                      • #12
                        Very sad news. During my WEG trip, I spent one day there. I was working on an ongoing research project for a book I plan to write eventually, deciding to take advantage of my non-WEG ticket days to try to do some Lexington research while I was there. I called TT and the Blood Horse to ask if they had archives that I could research in. BH took a message, ultimately returned the call a few weeks later after I'd already left Kentucky. TT passed me to Mr. Simon. He did ask a few questions first about me as a writer (had I sold anything, what was my education, etc.) but agreed to meet me at the front desk and let me into the back regions. He gave me a tour of their records and their extensive archives, gave me free use of their copy machine for all the neat stuff I was finding, and was thoroughly helpful and professional throughout my day there, checking back a few times just to see if I needed anything else. I was very grateful to him. It seemed like a nice place atmosphere wise.

                        Comment


                        • #13
                          Print magazines are becoming more and more expensive to operate. The Wall Street Journal just converted their personal finance magazine Smart Money to digital format.
                          The inherent vice of Capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries.
                          Winston Churchill

                          Comment


                          • #14
                            It doesn't look to me like Bow Tie filed for bankruptcy protection.

                            Comment


                            • #15
                              magazines are extremely expensive to publish. Trying to publish on a weekly time frame is pretty much impossible given the current state of advertising.

                              If the mag was glossy with thick paper and color photos then that makes is really expensive.

                              in other words: not surprising....

                              Comment


                              • #16
                                Originally posted by FineAlready View Post
                                It doesn't look to me like Bow Tie filed for bankruptcy protection.
                                But aren't they the publisher for "Thoroughbred Times", & have been shutting down publication for scads of their other magazines?

                                Doesn't declaring bankruptcy reach across the boards?

                                Not a subscriber, but just interested since I do tend to subscribe to different mags now & then.

                                Comment


                                • #17
                                  I'm not surprised they went out of business, but I am disgusted at how they treated their employees. They sent them home Friday with no worries (or no "real" worries), then sent them letters to arrive Saturday morning to tell them the news. Very slimy and cowardly! Locked the doors, too, so people can't even get their personal belongings.

                                  Sorry, it might happen all the time, but it's still wrong, especially for a smaller company with only 27 closely knit employees.
                                  "If you can't feed 'em, don't breed 'em."

                                  Comment


                                  • #18
                                    Originally posted by Bacardi1 View Post
                                    But aren't they the publisher for "Thoroughbred Times", & have been shutting down publication for scads of their other magazines?

                                    Doesn't declaring bankruptcy reach across the boards?

                                    Not a subscriber, but just interested since I do tend to subscribe to different mags now & then.
                                    I don't know anything about Bow Tie other than that they don't appear to be in bankruptcy right now.

                                    Comment


                                    • #19
                                      Odd. I just checked the Bowtie Press website, & they do list "Thoroughbred Times" as one of their publications. So one would assume that if "Thoroughbred Times" is in bankruptcy, the company that publishes "Thoroughbred Times" would have to be in bankruptcy as well?

                                      Although I did read that "Thoroughbred Times" was purchased by BowTie Press, not started by them, so perhaps "Thoroughbred Times" was set up as a separate entity.

                                      Comment


                                      • #20
                                        Sounds as if there other magazines are safe, at least some of them. From the Paulick Report, they were paying employees from other mags in the TT building, but they were moved last week -- and apparently "saved."
                                        "If you can't feed 'em, don't breed 'em."

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