Business News
Citizen K International seeks a buyer
Wednesday 29. July 2009 - The Edipresse Group has decided to look for a buyer for the magazine Citizen K International, published in Paris.
Over the course of its fifteen year existence, Citizen K International has imposed itself as the true reference point in the world of fashion and lifestyle. Welcomed enthusiastically in the various markets where it is present (in particular France and Russia), the title today enjoys a distribution of over 100000 copies in France.
The current financial situation however requires increased efforts for the title to be able to continue its development and in particular, pursue its international expansion. In this context, Citizen K International can no longer be considered as a priority for the Edipresse Group, the publication’s majority shareholder.
Affected by the deterioration of the advertising market in France and abroad, the company Le Grand Kapital, Citizen K Internationals publisher, has been put today into receivership by the Bankruptcy Court of Paris. This solution will allow the company to restructure itself and to find solutions guaranteeing the titles future prosperity; all while allowing a buyer to be found.
Foreign editions, published under license, are not affected by these current recovery proceedings.