Egmont to close US office

Egmont to close US office

Egmont is to close its publishing activities in the US after failing to find a buyer for the business.

The company’s office in America will shut on 31st January 2015, with the last day for staff on 30th January.

Attempts to sell Egmont USA since October 2014 “have not resulted in any final agreements”, the company said.

The closure is part of a new strategic focus for Egmont, which also owns a business in the UK, “to invest in books and magazine businesses where Egmont can hold a leading market position”.

Egmont started operating in the US in 2008. Its books will continue to be available via Random House in the US once the office shuts at the end of this month.

Rob McMenemy, c.e.o. of Egmont Publishing International, said: “The reason for closing the US business is that it does not fit with the strategic position of Egmont Publishing only to invest in countries where we can have a market leading position. M.d. and publisher Andrea Cascardi and her team in Egmont USA have done a great job and we were hoping to succeed with selling the business, unfortunately this has turned out not to be possible.”