Tokyopop CEO Cites Borders' Bankruptcy for Layoffs

posted on by Egan Loo

Stu Levy, CEO of the North American manga publisher Tokyopop, told the ICv2 retail news source that the bankruptcy of the bookstore chain Borders led to last week's layoffs of its editors.

Levy said, "Borders—our biggest customer—went bankrupt, owed us a lot money, which they didn't pay us, and as a result we are in a very challenging situation, and have had to react quickly to the situation. We did need to let a few people go—and it's horrible for everyone involved to ever have to let people go. We will continue to do everything we can to evolve the manga business and we very much appreciate the support of our fans, our partners, our creators, and out retail customers."

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