Boston-based book publishing giant Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy on Monday.

The company claims to be $3.53 billion in debt in the filings it made, while listing $2.68 billion in assets. It cites decreases in sales of physical books (due to the rise of e-books) and reduced government funding for its increasing financial strife.

The publisher has a long history, releasing the works of authors such as J.R.R. Tolkien, Ralph Waldo Emerson, and Mark Twain. The Chapter 11 bankruptcy filing will help restructure the company’s finances while allowing it to remain in business.

If your business is deeply in the red, you may consider filing for bankruptcy to help protect against certain debts. Contact the Chapter 11 bankruptcy lawyers at Hong Law, PLC, at 319-623-1400.