The Sun-Times Media Group Inc., owner of the Chicago Sun-Times and other newspapers, filed for bankruptcy protection on Tuesday, the latest victim of the crisis gripping the US newspaper industry.
Sun-Times chief executive Jeremy Halbreich, in a letter to readers, said the company had filed for bankruptcy under Chapter 11, which protects a company from its creditors while it restructures.
"Like many US companies today and like many other newspaper companies across the country, Sun-Times Media Group has faced significant declines in
Please be assured that this action does not mean the company or our newspapers or online sites are going out of business," he added. "We will continue to publish and operate our newspapers and corresponding online sites."
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2 comments:
This is big, this was the first story posted on Capital Fax this morning, since Rich Miller the blog owner has political columns in a few of their papers.
It involves 59 papers in the Chicagoland area alone, and if they can't get out of Bankruptcy that Lord Black himself caused, this will be thousands upon thousands of job losses in Illinois alone. Just horrific if you look at all the staff for the press (printing and writing) not to mention the paper/ink vendors etc. Just too many jobs, just too many vendors that will be affected. This would be a major devastation to Illinois.
I visited the Chicago Sun-times when Peaches and I were in Chicago along time ago she was 12 years old. Now if I'm not mistaken my man workes for them Ebert of two thumps up.
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