Former Owner of Ebony, Jet Magazines Files for Bankruptcy

Johnson Publishing plans to sell assets following failure to restructure

By: Lam Huynh

The former owner of Ebony and Jet magazine, Johnson Publishing Co., had filed for bankruptcy after 77 years of operating in Chicago. Many factors added up and led this once iconic black-owned media company into bankruptcy: the failure of make payments of its media division, the bankruptcy of another Johnson Publishing's retailers, and the increasing competition of e-commerce in the cosmetic business, and a costly product recall. 

Johnson Publishing, which was founded in 1942, failed to restructure and in obtained a new source of financing, and the decision to file of bankruptcy was made afterward. In 2016, Johnson Publishing sold Ebony and Jet to Texas-based private-equity firm Clear View group. One of the reason for the bankruptcy might be the company failure to adjust to the rapidly growing media industry that are becoming more depending on technologies. 

Source: https://www.wsj.com/articles/johnson-publishing-files-for-bankruptcy-plans-to-sell-assets-11554849773?mod=searchresults&page=1&pos=2