They were pretty big in their time, the fact that they're going belly up is a good indication that the writing is really on the wall for publishers.
Still, not a good-thing.
They seem to be losing money hand over fist, and I wonder if they're going to 'restructure' what it is that they plan to do to stop the drain and become profitable post-restructuring. Without a really good plan it is just a postponement of the inevitable.