Coupon Book Entertainment Acquired by Founders' Children

Ownership of the popular Entertainment coupon books changed hands this week as an investment group led by the son of company founders Hughes and Sheila Potiker purchased the company from bankruptcy.

Lowell Potiker, who leads the group HSP-EPI Acquisitions, LLC, which includes his brother and sister Jori Potiker and Brian Potiker, worked to complete the sale on April 23. 

Operations at Entertainment, which was founded in 1962, and previously owned by M.H. Equity Investors in Indianapolis, resumed on March 27.

The company has re-hired "many" employees, according to a release issued Thursday, and is looking to reinstate the majority of its workforce over the next few weeks. 

According to a filing with the state Workforce Development Agency, Entertainment laid off 369 full-time staff and 298 part-time staff after filing for bankruptcy liquidation on March 12. Of the affected employees, 187 full-timers and 38 part-timers worked in Troy.

"The chapter 7 filing was a difficult time for our employees, business partners and consumers," Potiker said. "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."

Are you an Entertainment customer? Here's what you need to know:

• 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.

At the , Entertainment CEO Melissa Fisher will share the details of the situation. Tickets are still available for the event — call 248-641-8151, e-mail theteam@troychamber.com or visit troychamber.com/cal for tickets and information.