The publisher is in debt of £2.3billion and has seen sales fall drastically over the years, largely due to the internet. However, there is still much support behind the publisher and Hibu plans to continue trading while the business moves to a holding company (owned by Hibu's lenders). Hibu assures that there 'will be no impact on Hibu's employees, customers, partners or suppliers.' Back in July, the lenders took control as part of a major restructuring plan to save jobs.
The chairman, Bob Wigley, feels confident that the new digital services and recent marketing campaign will help drive the business forward.
We are not involved in the administration and questions should be directed to Deloitte who are handling the administration.
If you are an employee of the business, and you're worried about what might happen in the future, then please listen to the video below as it will tell you your rights as an employee of a insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.