The largest German gay publishing house, known internationally for the Spartacus Gay Guide, has filed an application for insolvency on Wednesday.
In a statement on its website, the Berlin based company claims that the sale of books has suffered over the last couple of years and it was too costly to adapt to the new digitial environment. As a result, the company was denied loans by their bank.
For the time being, Gmünder will continue routine operations like publishing the monthly gay magazin Männer or selling goods via its international online shop.
The company was founded in 1981 by Bruno Gmünder, who sold it three years ago, and specializes in LGBT fiction and non-fiction books in German as well as in English. Especially the Spartacus International Gay Guide and the erotic photo books are known around the world. Five book stores in Berlin, Hamburg, Munich and Cologne also belong to the company portfolio.