Founded in 1983, HDA distributes home improvement, craft, home decor and other books and publications to retailers around the country.
As part of the liquidation, HDA recently sold its biggest operating unit, magazines, to TNG, the largest magazine and book wholesaler in
HDA is in talks with prospective buyers for its book unit, which supplies books to retailers, including Lowe's and Menards. "We have several people looking at it, and we hope to have that concluded in the next few weeks," Ketterer said.
HDA also employs about 2,500 part-time and full-time merchandisers throughout the country who put the magazines and books on store shelves.
In Worker Adjustment and Retraining Notification Act documents filed this month, HDA and an affiliated company,
According to Ketterer, some of the employees detailed in the WARN disclosures still work for HDA.
"Most of them are still working for us and servicing retailers," Ketterer said.
In 2009, the company said it was the exclusive category manager for books, magazines and maps at all U.S. Lowe's stores. The privately held company's revenue reached
Another industry change that hurt the company was a shift toward a consignment model by retailers. Beginning about five years ago, many retailers began requiring book and magazine distributors to buy back unsold publications.
"We don't get paid until the consumer buys the magazine," Ketterer said, adding several of his competitors in the industry closed down. "That's the way the industry is going," he said.
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