Feldheim Publishing in Israel, which caters to the hareidi religious community, called its customers on Monday to begin to purchase its publications once again.
It was recently reported that the company is in danger of collapse due to the overwhelming of the book publishing and distributing industry by online publishers and e-books.
Feldheim officials said it has asked for a stay in proceedings of financial claims against the company. Feldheim also runs a chain of bookstores which were unaffected by the stay in proceedings.
At a press conference on Monday at company headquarters, Attorney Yaakov Spigelman who has been appointed the company’s trustee by a court, presented the company's current situation and explained its plans for the future.
“It's no secret that the company has found itself in financial difficulties,” Spiegelman said. “In order for the company to recover, the court has accepted the request for stay in proceedings, under which a trustee was appointed to run the company.”
He added, “A stay in proceedings is quite different from a dismantling of the company because, while dismantling aims to destroy the company, sell its assets and close it down, a stay in proceedings is meant to actually heal the company and bring it back to normal activity. That is certainly our intention.”
“During the stay in proceedings, our goal is to reach good profitability,” explained Spiegelman. “And the more we profit, we believe the number of investors who will be interested in purchasing the company will increase, and the more we profit so too will increase the amount we receive for the advent of an investor or investors.
“We have already begun to return to full activity, the stores have been opened and are fully operational,” he said. “And we intend to also take steps to bring our loyal customers back to the stores. We’re going to come out with several sales in the near future that will benefit both the customers and us.”
Finally, attorney Spiegelman called on customers to return to buy products at the company’s chain of bookstores and said, “I call on the customers to come back for three reasons. One reason is that it will be worth their while, because as I’ve said we're going to have sales and good prices that will ensure that customers themselves will profit from buying books. The second reason is that the greater our revenue and profit, the more we will be able to pay off past debts. The third reason is that we believe that if we can save the chain, we will save the world of Jewish books. Feldheim has a lot of titles that are very important to the world of Jewish books, and the way to save these titles to sell the company to an investor who will continue to run it and publish both the existing books and new books as well.”
The publishing company was founded in 1939 by Philip Feldheim and now is managed by his son and grandson, who have expanded the firm. His son operates the publishing house in Jerusalem, with several bookstores in the capital city in addition to other Israeli cities with a large hareidi religious population.
Feldheim is known for publishing high-quality books on Judaica and pioneered in adding fiction and non-fiction titles that suit religious readers to its range. Its stores feature books from other publishing houses as well as its own.