Gospel Light Publications in Bankrupty Sale
Gospel Light Publications, an esteemed Evangelical book and curriculum publisher has gone bankrupt and it assets will be auctioned, according to a news release distributed by the liquidators.
Gospel Light has been a well-known leader in publishing Sunday School Curriculum, Vacation Bible School, Bible Lessons and Church Ministry Resources helping church leaders fulfill the mission of the church, “To know Christ and to make Him known.”
The company was started in 1933 by Dr. Henrietta Mears, She was one of the great Bible teachers of the 20th Century. As Christian Education Director at First Presbyterian Church of Hollywood, she built one of the largest Sunday Schools in the world and wrote curricula that was in such high demand that she founded Gospel Light to publish it.
The assets in the bankruptcy auction include its trusted brand names since 1933, high traffic web domains, multiple key trademarks including, What the Bible is All About, clean title to thousands of SKUs, intellectual property, and a Sunday school curriculum unit, a nearly $3.7 million business that sends more than 4,200 subscribers – churches and schools mostly – new material every three months. An inventory of publications, fixtures, office furnishings and equipment will be also auctioned.
The Vacation Bible School curriculum unit, which produces material for children’s summer classes, had more than 4,400 customers last year and generated more than $2 million in total net revenue.
“Gospel Light Publications’ assets are poised for growth with loyal direct customers, a brand new web platform, and new digital resources for Vacation Bible School and Sunday School that represent significant growth potential,” explains Dave Thornton, Gospel Light CEO, in the news release.
Parties interested in bidding at auction must meet certain requirements including proof of funds and registration deposits. All bids must be submitted on or before October 23 at 2:00 p.m. PT. The auction date is October 27, 2015.
Dave Thornton believes a great number of buyers will step forward to participate in this court overseen auction process: “The upcoming Gospel Light Publications auction represents a rare opportunity to acquire intellectual property and trusted brands that meet the needs of Bible teachers around the world.”
Posted October 19, 2015