Entertainment Coupon Book Acquired, Saved!

Entertainment Coupon Book Acquired, Saved!

Back in March, we posted that iconic coupon brand, Entertainment book, filed for bankruptcy protection. We were surprised, as was the market. Over the course the month of April, they proceeded with their filing and auctioning of assets and were finally purchased. Who purchased them?
(Right out of a movie script) A company called HSP-EPI Acquisitions. A group led by none other than Lowell Potiker. Who is Mr. Potiker? Well, he is the son of the Entertainment Book’s original founders, Hughes and Sheila Potiker. Hughes and Sheila sold the business in 1992 and Lowell, their son, is buying it back from those who led it towards bankruptcy. Both Lowell’s parents, Hughes and Sheila, have passed away. 2005 and 2011 respectively.

the new owners are reinstating the service and everything will carry on as usual. With much needed improvements going forward. All merchants, schools, organizations and consumers who have purchased into the service in 2013 can rest assured knowing that the service is still a going concern. (If I were Deal sites in Canada though, I would still try and hire Entertainment Book staff).

In my professional opinion, the Entertainment Book as both a brand and a viable concept lost a tremendous amount of passion over the past decade. It has been bought and sold a few times, resulting in executive, operational and investor squabbles. The bankruptcy itself was caused due to financing issues and squabbles from investors. The brand and service suffered. The brand had a very tough time justifying its existence and staying relevant against the uprising of the refreshed and growing Deals industry over the past few years. Now, Lowell Potiker is reclaiming what his parents started, what his family has enjoyed in the past and hopefully invigorating the brand with much needed passion.

Congratulations to Lowell Potiker on a sentimental story. His parents are smiling down on him with pride and much satisfaction.

 

The following is the official press release from the company:

Entertainment® Coupon Book Company Acquired by Son of Company Founders

50-year-old discount and promotion brand purchased by HSP-EPI Acquisitions, LLC

TROY, Mich.–()–Entertainment®, a leader of discounts and promotions for over 50 years, has been acquired by HSP-EPI Acquisitions, LLC, a group led by Lowell Potiker, son of company founders Hughes and Sheila Potiker.

The acquisition by HSP-EPI Acquisitions, LLC, took place after Entertainment filed a chapter 7 bankruptcy petition on March 12, 2013, but then resumed operations on March 27, 2013, due to interest from investors like Potiker. On April 23, 2013, the transition of Entertainment to HSP-EPI Acquisitions, LLC was completed.

“This acquisition was of great importance to me and my family not just because it continues the legacy of the company’s founders, my parents, but that the Entertainment product is as valuable and relevant today as it was in 1962,” says Lowell Potiker, who indicated that his sister and brother, Jori Potiker and Brian Potiker, have also invested in the Entertainment acquisition.

“Entertainment is used by millions of consumers every year, tens of thousands of fundraisers rely on it to meet their goals and nearly 70,000 merchants depend on it to grow their business. This win-win-win strategy combined with the significant capital from its new investors, positions Entertainment to continue to deliver value throughout 2013 and beyond,” says Potiker.

The company has re-hired many employees and is looking to reinstate the majority of its workforce over the next few weeks.

The team will release the 2014 Entertainment Books this year on schedule. Current products in the market, such as the 2013 Entertainment Book Membership or other savings membership programs, are still valid through the expiration date printed or displayed on them. This includes the ability for consumers to purchase books on Entertainment.com as well as print coupons from the online website. Additionally, the company’s merchant redemption guarantee remains in effect.

“The chapter 7 filing was a difficult time for our employees, business partners and consumers,” says Potiker. “It is unfortunate that despite delivering products to millions of consumers each year, the bankruptcy filing occurred not due to any issue related to company sales, but due to shareholder financing at the ownership level. Thankfully, with the help of the bankruptcy court, we were able to move quickly to resume operations. Now with the acquisition complete, we can not only continue on with our business, but move aggressively with our growth plans to support both our core business and ongoing expansion into the digital space.”

About Entertainment

Entertainment® (www.Entertainment.com) is a leader in providing the most recognized and purchased consumer discount, promotion and coupon products throughout the U.S., Canada, Australia and New Zealand.

Entertainment® enables consumers to enjoy the widest variety of coupons and savings offers through a diverse suite of savings memberships including the Entertainment® Book Membership and other Entertainmentbranded online or printed savings programs. With one of the largest offer networks, consisting of nearly 70,000 local merchants, regional and national retailers, advertisers and ecommerce brand partners, Entertainment makes it possible for consumers to save anytime, anywhere and any way they want with online, print or mobile redemption choices.

Entertainment is also a leader in fundraising programs and has helped schools and community groups raise over $2.5 billion in the last 50 years. The Corporate Marketing Solutions division serves Fortune 1,000 companies to create positive, customer lifecycle engagement through value added savings programs and incentives.

For more information, visit http://www.entertainment.com.

 

Contacts

Daddi Brand Communications
Bill Daddi
646-370-1341
917-620-3717
Bill@DaddiBrand.com

1 Comment
  1. gjones2@shaw.ca'

    I am so happy to hear that Lowell, Jori and Brian Potiker have been able to save their once family business from bankruptcy!

    Way to go!!

    I am looking forward to my 2014 book and cant wait to see what improvement to the on-line side of things that they can come up with!

    Gary Jones,
    loyal customer