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