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Central Park Setbacks Caused by Musicland Bankruptcy, Managing Director Says
By Ben Applegate
05-30-2006, 3:10 AM |
Late last week, reports of extensive layoffs at anime licensor Central Park Media led to speculation that the company was preparing for bankruptcy. Though the company has not yet confirmed or denied the filing rumors, CPM founder and managing director John O'Donnell issued a statement to Toon Zone News with more information about the recent financial setbacks.
"As our business has been significantly impacted by Musicland's bankruptcy filing, we are facing tightening sales conditions and are currently focusing on a cost cutting program which will structure the company for future growth without our largest customer. A number of very talented and dedicated employees have unfortunately lost their jobs through no fault of their own. CPM will be happy to assist these fine staff members find employment opportunities, so any company seeking experienced and professional employees are requested to email CPM at HR519@teamcpm.com for further details."
The Musicland retailer chain, which included Suncoast, Mediaplay and Sam Goody and was well known as a major anime purchaser, filed for bankruptcy in January. Most of its assets were sold to Trans World Entertainment in March.
More details as they become available.
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