I participated in a series of meetings last week to determine how the Duke Libraries would respond to the bankruptcy filing made by subscription agent Swets. We have been through this before, when Faxon/RoweCom failed, and many libraries lost a lot of money. Unfortunately, more money is going to be lost this time around. Perhaps it is time for us to think about how we got into this situation——and how to make sure we never end up back here again.
In a case that has drawn comparisons to the RoweCom/Faxon Library Services bankruptcy almost 12 years ago, the court of Amsterdam on Friday, September 19 granted Netherlands-based Swets & Zeitlinger Group permission to suspend payments to its creditors, and on Tuesday, September 23 accepted a bankruptcy filing from the group’s subsidiary—global subscription management provider Swets Information Services