EXHIBIT 10.15
                              EMPLOYMENT AGREEMENT

     AGREEMENT by and between Golden Books Family Entertainment, Inc. (the
"Company"), and Colin Finkelstein (the "Executive"), effective as of September
9, 19996 (the "Effective Date").

     1. EMPLOYMENT TERM. The Company hereby agrees to employ the Executive, and
the Executive hereby agrees to enter the employ of the Company, commencing on
the Effective Date and continuing for a three-year term from such Effective
Date, unless terminated earlier in accordance with Section 4 below.

     2. TITLE, REPORTING AND DUTIES.

          (a) Commencing on the Effective Date and for the remainder of the
     Employment Term, the Executive shall serve as the Company's Executive Vice
     President and Chief Financial Officer, with such duties, responsibilities
     and authority in both capacities as shall be consistent therewith. The
     Executive shall be based in New York City.

          (b) During the Employment Term, and excluding any periods of vacation,
     holiday and sick leave to which the Executive is entitled, the Executive
     agrees to devote full time during normal business hours to the business and
     affairs of the Company and to use the Executive's best efforts to perform
     faithfully and efficiently such responsibilities.

     3. COMPENSATION AND BENEFITS.

          (a) BASE SALARY. During the Employment Term, the Executive shall
     receive an annual base salary ("Annual Base Salary") of $300,000 for each
     year of the term. The Annual Base Salary will be reviewed by the Company's
     Compensation Committee at the end of each year of the term and may be
     adjusted at the discretion of the Compensation Committee. The Annual Base
     Salary shall be paid in equal biweekly installments.

          (b) ANNUAL BONUS. In addition to Annual Base Salary, the Executive
     shall be awarded, for each fiscal year during the Employment Term, an
     annual bonus (the "Annual Bonus") pursuant to the Company's annual
     incentive plans (the "Annual Plans"), pro rated in the case of a bonus for
     any year during which the Executive was employed for less than 12 months.
     The Executive shall have a target annual bonus of 100% of his Annual Base
     Salary (the "Target Bonus"), subject in each case to attainment of the
     performance goals set forth in the Annual Plans. Each such Annual Bonus
     shall be paid no later than the end of the third month of the fiscal year
     next following the fiscal year for which the Annual Bonus is awarded,
     unless the Executive shall elect to defer the receipt of such Annual Bonus.
     Notwithstanding the above, it is the intent of the parties hereto that the
     Annual Plans meet all applicable requirements for the exemption of the
     payments thereunder from the limitations of Section 162(m) of the Internal
     Revenue Code of 1986, as amended, including the requirement that the Annual
     Plans be approved by the shareholders of the Company prior to the payment
     of any bonuses thereunder

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     The Board may award the Executive bonuses other than pursuant to the Annual
     Plans in its discretion.

          (c) STOCK OPTIONS. The Executive will be granted, as of the Effective
     date hereof, a stock option (the "Option") to purchase 1% of the Company's
     fully-diluted restructured common stock ("Stock") in the form of "at the
     money" stock options with an exercise price based upon the total equity
     value of the Company (as set forth in the Disclosure Statement for the
     Plan). Executive acknowledges that certain action will need to be taken by
     the Board of Directors and the Compensation Committee to effectuate such
     Option grant. The Option will become exercisable as to one-third of the
     shares of Stock subject thereto on the first anniversary of the date of
     grant, as to an additional one-third of such shares on the second
     anniversary of the date of grant, and as to an additional one-third of such
     shares on the third anniversary of the date of grant. The Option will have
     a term of seven years (the "Option Term"). Upon the termination of
     Executive's employment:

               (1) by reason of death, the Executive's estate may exercise the
          Option (to the extent exercisable at the time of death) until the
          earliest of one year following the Executive's death or the end of the
          Option Term, following which time the Option shall terminate and be no
          longer exercisable;

               (2) by the Company for "Cause" or by the Executive voluntarily
          without "Good Reason" (as each term is defined in Section 4 below),
          the Option shall terminate and no longer be exercisable on the date
          the Executive is advised by the Board that he is being terminated for
          cause, or the effective date of the Executive's voluntary termination
          without good reason, as applicable; or

               (3) by the Company without Cause or by the Executive with Good
          Reason, the entire Option shall become fully and immediately
          exercisable and the Executive may exercise the Option until the
          earliest of one year following the Executive's termination or the end
          of the Option Term, following which time the Option shall terminate
          and be no longer exercisable.

               The Executive shall be entitled to participate in other Company
          stock option grants or other equity plans or programs, if any, in
          which senior executives of the Company are eligible to participate
          generally as may be determined by the Compensation Committee.

               Other than as stated above, the Option will be governed by the
          terms and conditions of the Company's Stock Option Plan and the
          standard Stock Option Agreement thereunder to be executed by the
          Executive and the Company.

          (d) INCENTIVE, SAVINGS, RETIREMENT AND EQUITY PLANS. During the
     Employment Period, the Executive shall be eligible to participate in all
     incentive, savings and retirement plans, practices, policies and programs
     applicable generally to other senior executives of the Company and its
     affiliated companies, provided that after a Change of

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     Control in no event shall such plans, practices, policies and programs
     provide the Executive with incentive opportunities (measured with respect
     to both regular and special incentive opportunities, to the extent, if any,
     that such distinction is applicable), savings opportunities and retirement
     benefit opportunities, in each case, less favorable, in the aggregate, than
     the most favorable of those provided by the Company and its affiliated
     companies for the Executive under such plans, practices, policies and
     programs as in effect at any time during the 120-day period immediately
     preceding a Change of Control. In addition, the Executive may participate
     in other equity plans and share in future grants to management employees of
     stock options contemplated to be granted at or about the Effective Date to
     management employees.

          (e) WELFARE BENEFIT PLANS. During the Employment Term, the Executive
     and/or the Executive's family, as the case may be, shall be eligible for
     participation in and shall receive all benefits under welfare benefit
     plans, practices, policies and programs provided by the Company and its
     affiliated companies (including, without limitation, medical, prescription,
     dental, disability, salary continuance, employee term life, group life,
     accidental death and travel accident insurance plans and programs, if any)
     that are applicable generally to other senior executives of the Company and
     its affiliated companies. It is acknowledged that the Executive's level of
     participation in these plans shall be consistent with an executive of his
     stature in the Company's industry.

          (f) EXPENSES. During the Employment Term, the Company shall pay or
     promptly reimburse the Executive for all reasonable business expenses upon
     presentation of receipts therefor in accordance with the normal practices
     of the Company. It is acknowledged that the Executive will incur expenses
     consistent with an executive of his stature in the Company's industry.

          (g) FRINGE BENEFITS. During the Employment Term, the Executive shall
     be entitled to fringe benefits appropriate to an executive of Executive's
     stature in the Company's industry. Additionally, the Company shall pay the
     Executive's reasonable legal fees for preparation and review of this
     Employment Agreement, and shall reimburse the Executive, up to $7,500.00
     per year, for personal tax and legal counsel in connection with the Company
     stock option plan.

          (h) VACATION AND HOLIDAYS. During the Employment Term, the Executive
     shall be entitled to four weeks of paid vacation per year and all other
     paid holidays given to employees of the Company.

     4. TERMINATION OF EMPLOYMENT.

          (a) CAUSE. The Company may terminate the Executive's employment during
     the Employment Period for Cause. For purposes of this Agreement, "Cause"
     shall mean: (i) the conviction of, or pleading guilty to, a felony or crime
     involving moral turpitude, or (ii) the failure of the Executive to perform,
     in any material respect, his obligations under this Agreement after a
     written demand for such performance is delivered to the Executive

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     by the Board, which specifically identifies the manner in which the Board
     or Chief Executive Officer believes that the Executive has not performed
     the Executive's duties; or (iii) a disability that prohibits the Executive
     from substantially meeting his responsibilities as a senior executive of
     the Company on a full-time basis for 90 out of 120 consecutive business
     days.

          (b) GOOD REASON. The Executive's employment may be terminated by the
     Executive for Good Reason. For purposes of this Agreement, "Good Reason"
     shall mean in each case, without the Executive's prior written consent:

               (i) the assignment to the Executive of any duties materially
          inconsistent with the Executive's position (including status, offices,
          titles and reporting requirements), authority, duties or
          responsibilities as contemplated by Section 2 of this Agreement, or
          any other action by the Company which results in a diminution in such
          position, authority, duties or responsibilities, excluding for this
          purpose any action not taken in bad faith and which is remedied by the
          Company within twenty (20) days after receipt of notice thereof given
          by the Executive;

               (ii) any failure by the Company, in any material respect, to
          comply with any of the compensation and benefits provisions of Section
          3 of this Agreement, other than failure not occurring in bad faith and
          which is remedied by the Company within twenty (20) days after receipt
          of notice thereof given by the Executive;

               (iii) the Company's requiring the Executive to be based at any
          office or location outside New York City;

               (iv) any failure by the Company to comply with and satisfy any
          covenant or agreement contained in this Agreement, excluding for this
          purpose any failure or omission not occurring in bad faith or any
          action not taken in bad faith and which is remedied by the Company
          within twenty (20) days after receipt of notice thereof given by the
          Executive; or

               (v) the Company's termination of the Executive's employment
          within two years of a "Change of Control." A "Change of Control," for
          purposes of this Agreement, shall be deemed to have occurred if (i)
          any "person (as such term is used in Sections 13(d) and 14(d) of the
          Securities Exchange Act of 1934, as amended (the "Exchange Act"),
          other than the Company, an employee benefit plan of the Company, or
          any of the Company's direct or indirect affiliates (hereinafter, a
          "THIRD PARTY"), is or becomes the "beneficial owner" (as defined in
          Rule 13d-3 promulgated under the Exchange Act), directly or
          indirectly, of securities of the Company representing fifty percent
          (50%) or more of the combined voting power of the Company's then
          outstanding securities entitled to vote in the election of directors
          of the Company or (ii) all or substantially all of the assets of the
          Company are acquired by a Third Party.

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          (c) DEATH. The Executive's employment shall terminate automatically
     upon the Executive's death during the Employment Period.

          (d) NOTICE OF TERMINATION. Any termination by the Company for Cause,
     or by the Executive for Good Reason, shall be communicated by Notice of
     Termination to the other party hereto given in accordance with Section
     10(b) of this Agreement. For purposes of this Agreement, a "Notice of
     Termination" means a written notice which (i) indicates the specific
     termination provision in this Agreement relied upon, (ii) to the extent
     applicable, sets forth in reasonable detail the facts and circumstances
     claimed to provide a basis for termination of the Executive's employment
     under the provision so indicated and (iii) if the Date of Termination (as
     defined below) is other than the date of receipt of such notice, specifies
     the termination date (which date shall be not more than thirty days after
     the giving of such notice). The failure by the Executive or the Company to
     set forth in the Notice of Termination any fact or circumstance which
     contributes to a showing of Good Reason or Cause shall not waive any right
     of the Executive or the Company, respectively, hereunder or preclude the
     Executive or the Company, respectively, from asserting such fact or
     circumstance in enforcing the Executive's or the Company's rights
     hereunder.

          (e) DATE OF TERMINATION. "Date of Termination" means (i) if the
     Executive's employment is terminated by the Company for Cause, or by the
     Executive for Good Reason, the date of receipt of the Notice of Termination
     or any later date specified therein, as the case may be (although such Date
     of Termination shall retroactively cease to apply if the circumstances
     providing the basis of termination for Cause or Good Reason are cured in
     accordance with Section 4(a) or 4(b) of this Agreement, respectively), (ii)
     if the Executive's employment is terminated by the Company other than for
     Cause, the Date of Termination shall be the date on which the Company
     notifies the Executive of such termination and (iii) if the Executive's
     employment is terminated by reason of death, the Date of Termination shall
     be the date of death of the Executive.

     5. OBLIGATIONS OF THE COMPANY UPON TERMINATION.

          (a) GOOD REASON: OTHER THAN FOR CAUSE. If, during the Employment Term,
     the Company shall terminate the Executive's employment other than for Cause
     or the Executive shall terminate employment for Good Reason:

               (i) the Company shall pay to the Executive the aggregate of the
          following amounts:

                    A. the sum of (1) the Executive's Annual Base Salary through
               the Date of Termination to the extent not theretofore paid, and
               (2) any compensation previously deferred by the Executive
               (together with any accrued interest or earnings thereon) and any
               accrued vacation pay, in each case to the extent not theretofore
               paid (the sum of the amounts described in clauses (1) and (2)
               shall be hereinafter referred to as the "Accrued

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               Obligations"). All Accrued Obligations shall be paid in a lump
               sum in cash within 30 days of the Date of Termination; and

                    B. the Executive's Annual Base Salary as set forth in
               Section 3(a) for the year in which the Date of Termination falls,
               to be paid either (1) in a lump sum, if approved by the Board, 30
               days after the Date of Termination, or (2) as salary continuation
               for a period of one year following the Date of Termination,
               except that, in the event of a "Change of Control" termination,
               as defined in Section 4(b)(v) herein, the Executive shall be paid
               two times his Annual Base Salary in a lump sum or as a two-year
               salary continuation. The Executive shall have no duty or
               obligation to mitigate, and such salary continuation payments
               will continue even in the event the Executive becomes reemployed
               by another employer.

               (ii) all stock options, restricted stock and other stock-based
          compensation shall become exercisable or vested pursuant to Section
          3(c)(3) herein;

               (iii) for one year after the Executive's Date of Termination (or
          for two years in the event of a "Change of Control" termination, as
          defined in Section 4(b)(v) herein), the Company shall continue
          benefits to the Executive and/or the Executive's family at least equal
          to those which would have been provided to them in accordance with the
          plans, programs, practices and policies described in Section 3(e) of
          this Agreement if the Executive's employment had not been terminated,
          provided, however, that if the Executive becomes reemployed with
          another employer and is eligible to receive medical or other welfare
          benefits under another employer provided plan, the corresponding
          medical and other welfare benefits described herein shall be
          terminated. Those welfare benefits not offered by the new employer
          shall continue until termination of the abovedescribed one or two year
          period. For purposes of determining eligibility (but not the time of
          commencement of benefits) of the Executive for retiree benefits
          pursuant to such plans, practices, programs and policies, the
          Executive shall be considered to have remained employed until the
          later of two years after the Date of Termination or the end of the
          Employment Term and to have retired on the last day of such period;

               (iv) to the extent not theretofore paid or provided, the Company
          shall timely pay or provide to the Executive any other amounts or
          benefits required to be paid or provided to the Executive or which the
          Executive is entitled to receive under any plan, program, policy or
          practice or contract or agreement of the Company and its affiliated
          companies, to the extent payment of any such amounts or benefits are
          not already provided for under this Agreement (such other amounts and
          benefits shall be hereinafter referred to as the "Other Benefits").

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     The Executive shall have the right to approve, such approval not be
unreasonably withheld by the Company, any written announcement, if any, of the
termination of the Executive's employment with the Company.

          (a) DEATH. If the Executive's employment is terminated by reason of
     the Executive's death during the Employment Period, this Agreement shall
     terminate without further obligations to the Executive's legal
     representatives under this Agreement, other than for payment of Accrued
     Obligations, the right to exercise the Executive's Stock Option under
     Section 3(c)(1) herein, and the timely payment or provision of Other
     Benefits. Accrued Obligations shall be paid to the Executive's estate or
     beneficiary, as applicable, in a lump sum in cash within 30 days of the
     Date of Termination.

          (b) CAUSE: OTHER THAN FOR GOOD REASON. If, during the Employment Term,
     the Executive's employment shall be terminated by the Company for Cause or
     by the Executive without Good Reason, this Agreement shall terminate
     without further obligations to the Executive other than the payment of
     Accrued Obligations, and the payment or provision of Other Benefits. All
     Accrued Obligations shall be paid to the Executive in a lump sum in cash
     within 30 days of the Date of Termination. Upon a termination of the
     Executive's employment for Cause by the Company or by the Executive without
     Good Reason, the Executive shall forfeit all stock options that are not
     vested on the Date of Termination. If the Executive's employment is
     terminated for Cause, nothing in this Agreement shall prevent the Company
     from pursuing any other available remedies against the Executive.

     6. CHANGE IN CONTROL. Upon the occurrence of a Change in Control of the
Company during the Employment Period, all stock options, restricted stock and
other stock-based compensation shall become immediately exercisable or vested,
as the case may be.

     7. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any plan, program,
policy or practice provided by the Company or any of its affiliated companies
and for which the Executive may qualify nor shall anything herein limit or
otherwise affect such rights as the Executive may have under any contract or
agreement with the Company or any of its affiliated companies. Amounts which are
vested benefits or which the Executive is otherwise entitled to receive under
any plan, policy, practice or program of or any contract or agreement with the
Company or any of its affiliated companies at or subsequent to the Date of
Termination shall be payable in accordance with such plan, policy, practice or
program or contract or agreement except as explicitly modified by this
Agreement.

     8. FULL SETTLEMENT. The Company's obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action which the Company may have against the Executive or
others.

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     9. CONFIDENTIAL INFORMATION; NON-SOLICITATION.

          (a) The Executive shall hold in a fiduciary capacity for the benefit
     of the Company all secret or confidential information, knowledge or data
     relating to the Company or any of its affiliated companies, and their
     respective businesses, which shall have been obtained by the Executive
     during the Executive's employment by the Company or any of its affiliated
     companies and which shall not be or become public knowledge (other than by
     acts by the Executive or representatives of the Executive in violation of
     this Agreement). After termination of the Executive's employment with the
     Company, the Executive shall not, without the prior written consent of the
     Company or as may otherwise be required by law or legal process,
     communicate or divulge any such information, knowledge or data to anyone
     other than the Company and those designated by it. In no event shall an
     asserted violation of the provisions of this Section 8 constitute a basis
     for deferring or withholding any amounts otherwise payable to the Executive
     under this Agreement.

          (b) For a period of one year following the termination of the
     Executive's employment for any reason, the Executive shall not, directly or
     indirectly, (i) employ or seek to employ any person who is at the Date of
     Termination, or was at any time within the six-month period preceding the
     Date of Termination, an employee of the Company or any of its subsidiaries
     or affiliates or otherwise cause or induce any employee of the Company or
     any of its subsidiaries or affiliates to terminate such employee's
     employment with the Company or such subsidiary or affiliate for the
     employment of another company (included for this purpose the contracting
     with any person who was an independent contractor of the Company during
     such period) or (ii) solicit any customers of the Company to purchase
     products or services then sold by the Company from another person or entity
     without, in either case, the prior written consent of the Company's Board
     of Directors.

     10. SUCCESSORS.

          (a) This Agreement is personal to the Executive and without the prior
     written consent of the Company shall not be assignable by the Executive
     otherwise than by will or the laws of descent and distribution. This
     Agreement shall inure to the benefit of and be enforceable by the
     Executive's executors, successors and legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
     the Company and its successors and assigns.

          (c) The Company will require any successor (whether direct or
     indirect, by purchase, merger, consolidation or otherwise) to all or
     substantially all of the business and/or assets of the Company to assume
     expressly in writing and agree to perform this Agreement in the same manner
     and to the same extent that the Company would be required to perform it if
     no such succession had taken place. Failure to do so shall constitute good
     reason for the Executive to terminate his employment. As used in this
     Agreement, "Company" shall mean the Company as hereinbefore defined and any

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     successor to its business and/or assets as aforesaid which assumes and
     agrees to perform this Agreement by operation of law, or otherwise.

     11. MISCELLANEOUS.

          (a) This Agreement shall be governed by and construed in accordance
     with the laws of the State of Delaware, without reference to principles of
     conflict of laws. The captions of this Agreement are not part of the
     provisions hereof and shall have no force or effect. This Agreement may not
     be amended or modified otherwise than by a written agreement executed by
     the parties hereto or their respective successors and legal
     representatives.

          (b) All notices and other communications hereunder shall be in writing
     and shall be given by hand delivery to the other party or by registered or
     certified mail, return receipt requested, postage prepaid, addressed as
     follows:

                    IF TO THE EXECUTIVE:

                    Mr. Colin Finkelstein
                    400 East 70th Street
                    Apartment 3902
                    New York, New York 10021

                    WITH A COPY TO:

                    Paul G. Marshall, Esq.
                    Solovay Marshall & Edlin, P.C.
                    845 Third Avenue
                    New York, New York 10022

                    IF TO THE COMPANY:

                    Golden Books Family Entertainment, Inc.
                    850 Third Avenue
                    New York, New York 10022

                    Attention: Chief Financial Officer

                    WITH A COPY TO:

                    Schulte Roth & Zabel LLP
                    900 Third Avenue
                    New York, New York 10022

                    Attention: Rita A. Hernandez, Esq.

                                       -9-

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     or to such other address as either party shall have furnished to the other
     in writing in accordance herewith. Notice and communications shall be
     effective when actually received by the addressee.

          (c) The invalidity or unenforceability of any provision of this
     Agreement shall not affect the validity or enforceability of any other
     provision of this Agreement.

          (d) The Company may withhold from any amounts payable under this
     Agreement such Federal, state, local or foreign taxes as shall be required
     to be withheld pursuant to any applicable law or regulation.

          (e) The Executive's or the Company's failure to insist upon strict
     compliance with any provision hereof or any other provision of this
     Agreement or the failure to assert any right the Executive or the Company
     may have hereunder, including, without limitation, the right of the
     Executive to terminate employment for Good Reason pursuant to Section 4 (b)
     of this Agreement, shall not be deemed to be a waiver of such provision or
     right or any other provision or right of this Agreement.

          (f) This Agreement supersedes and replaces in its entirety the
     Employment Agreement, dated as of September 9, 1996, between the Executive
     and the Company.

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          IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from its Board of Directors, the Company
has caused these presents to be executed in its name on its behalf, all as of
the day and year first above written.


                                         COLIN FINKELSTEIN



                                         /S/ COLIN FINKELSTEIN
                                         ---------------------------------------


                                         GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.


                                         By:  /S/
                                              ----------------------------------
                                              Name:
                                              Title:


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