In a shocking turn of events, Scribe Media, a prominent figure in the field of book writing and publishing, unexpectedly ceased operations and laid off 90 employees on May 24, 2023. The abrupt closure took its client base, its dedicated team, and the broader industry by surprise, sparking a flurry of questions surrounding the unexpected circumstances that led to this unforeseen decision. However, in the latest chapter of this saga, a potential buyer has emerged for the company’s remaining assets.
Scribe Media, established originally as Book In A Box in 2014, had successfully carved a distinct niche for itself in the world of book publishing since its rebranding around 2018. The company, at the height of its operation, was a powerhouse of 133 skilled professionals and offered a comprehensive suite of services to help authors of all genres. The company claims to have helped publish over 2,000 books. The sudden closure of Scribe Media sent shockwaves throughout its employee base, the majority of whom were unaware of the firm’s precarious position until the announcement of the shutdown.
In their announcement, Scribe Media blamed an Article 9 sale of the company as the reason for the layoffs. There was no severance pay for the employees who were laid off, and all benefits and tech access were immediately cut. A petition has been started on Change.org demanding financial justice for the laid-off employees, including severance pay, health insurance coverage, and therapy stipends. Publishing industry experts have been reporting on Scribe Media as well, with several sources uncovering that there was a class action lawsuit filed against Scribe Media the first week of June 2023. The Scribe Media lawsuit was apparently filed by a former employee.
Despite the turmoil, Scribe Media is currently operational and seemingly still taking on new clients as evidenced by their Google ads and operational official website, but is in the process of selling off all assets. Many believe that the sale of Scribe Media is unlikely after due diligence, as the company’s debts far outweigh their assets. The company’s remaining employees, even after the CEO resigned, are prioritizing the welfare of their laid-off colleagues and demanding that all proceeds from the sale of Scribe Media be exclusively allocated to ensure financial justice for those individuals who played a crucial role in the company’s past achievements.
As the industry reels from the sudden downfall of Scribe Media, the emergence of a potential buyer offers a glimmer of hope for the company’s future. While the identity of the potential buyer remains undisclosed, it is reported to be Enduring Ventures. The acquisition of Scribe Media’s assets could potentially breathe new life into the beleaguered company and provide some much-needed stability for its remaining employees and clients.
The lessons learned from Scribe Media’s downfall serve as a reminder of the importance of adaptability in the face of market unpredictability. As industry leaders and entrepreneurs navigate the ever-changing landscape of book publishing, the story of Scribe Media’s rise, fall, and potential resurgence offers valuable insights into the challenges and opportunities that lie ahead.
