While the physical book industry did not completely disappear, digital sales certainly made the industry smaller.
“For the second consecutive year, unit sales of print books were up at outlets that report to Circana BookScan, hitting 762.4 million in 2025 for the year ended Dec. 27, 2025. That marks a 0.3% increase over 2024, which in turn saw sales grow 0.5% over 2023. Since sales peaked in 2021 at 839.7 million copies, they have settled at levels higher than before the pandemic, though not as high as many publishers had hoped,” according to Publishers’ Weekly.
Despite the convenience of digital books, physical ones have remained the dominant format, according to Pew Research data.
“Overall, 75% of U.S. adults say they have read a book in the past 12 months in any format, whether completely or partway through, a figure that has remained largely unchanged since 2011,” a Pew Research Center survey showed.
“Print books remain the most popular format for reading, with 65% of adults saying that they have read a print book in the past year,” according to Pew’s research.
The ongoing resilience of the print format, however, has not been enough to sustain Baker & Taylor, a leading wholesale distributor of books, which has filed for Chapter 11 bankruptcy.
Baker & Taylor has been in freefall
While Baker & Taylor may not be a name many Americans outside of the publishing industry know, the company, founded in 1828, was a massive player behind the scenes.
“Baker & Taylor and its affiliates provided top-quality books and media resources from book publishers to thousands of libraries, universities, and other public and private customers across the United States and elsewhere,” according to a Bondoro case study of its Chapter 11 bankruptcy filing.
- Over more than a century, the company grew into one of the largest book distributors in the United States.
- By the latter part of the 20th century, Baker & Taylor was a leading global provider of English-language books, media, software, and services, primarily to public and academic libraries in the United States.
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A recent timeline of Baker & Taylor
- In 2016, Castle Harlan sold its interests in Baker & Taylor to the Follett Corporation.
- Follett operated Baker & Taylor for approximately five years, but unfavorable economic trends continued, and the advent of the Covid pandemic further damaged Baker & Taylor’s prospects.
- In 2021, Follett sought to divest from multiple content and distribution divisions, including Baker & Taylor.
- On November 4, 2021, Follett sold Baker & Taylor to a group of officers and directors led by the current Chief Executive Officer.
- To finance the acquisition, Baker & Taylor and its affiliated entities entered into a Loan, Security and Guarantee Agreement through which CIT granted Baker & Taylor a credit facility of up to $70 million to acquire and operate the business.
Source: Bondoro
“After the 2021 Acquisition, Baker & Taylor was well-positioned to recover from the pandemic and complete its adaptation to contemporary market conditions. Unfortunately, however, events unforeseen at the time of the 2021 Acquisition crippled its recovery and severely impaired liquidity,” Bondoro reported.
- First, Baker & Taylor’s operations were impacted in early 2022 by the emergence of the Covid “Omicron” variant, which caused renewed fears of the virus’ spread, significantly lowered the purchasing appetite of customers, and dramatically increased payroll costs and crippled warehouse efficiency.
- Second, two major cyberattacks in August and November 2022 severely impaired Baker & Taylor’s operations, accounting, and technology systems, further reducing liquidity and draining cash resources.
Source: Bondoro
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Baker & Taylor files Chapter 11 bankruptcy
Baker & Taylor’s Chapter 11 bankruptcy filing, which was filed on March 16, according to PacerMonitor, was unexpected. That’s because the company had essentially shut down after a failed sale to ReaderLink.
“The speculation about the filing is that the library wholesaler raised enough money through its liquidation sale of books, shelves, and other items that creditors forced them to go to court to account for where the money was, and is, going. While it is assumed that most of the funds raised went to the banks and secured creditors, the filing says there is still money available to pay unsecured creditors,” Publishers’ Weekly reported.
Baker & Taylor Chapter 11 bankruptcy (2026)
- Debtor: Baker & Taylor, LLC
- Filed: March 16, 2026
- Court: U.S. Bankruptcy Court for the District of New Jersey
- Case number: 26-12863
- Assets: $1 million to $10 million
- Liabilities: $100 million to $500 million
- Creditors: 1,000-5,000
- Context: Filing followed shutdown and liquidation after a failed sale.
Source: PacerMonitor
Top creditors include HarperCollins, which is owed over $15 million, as well as Ingram Publisher Services and John Wiley & Sons, which are each owed over $1.5 million, according to court documents.
Baker & Taylor closure hit libraries hard
“The closure comes as a surprise but not a shock to many in the industry,” OPB.com reported.
Most Baker & Taylor customers will have to turn to its biggest rival.
“Now, like thousands of other libraries around the country, Greensboro Public Library is in the process of setting up a new account with Ingram Content Group, Baker & Taylor’s main competitor,” the website added.
Carolyn Morris, vice president of library services at Ingram, said the company is “well positioned” to work with the libraries that Baker & Taylor serviced, but she acknowledged that the process will take time and a lot of resources on Ingram’s part.
“It’s not a flip of a switch. We still have to… hire people, make sure we have enough inventory to meet the new demand, and get people trained,” she said.
Since Baker & Taylor began winding down, about 2,000 libraries have set up new accounts with Ingram.
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