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Chicago Sun-Times files for bankruptcy
|Last Edited||COSDem Mar 31, 2009 07:57pm|
|News Date||Wednesday, April 1, 2009 01:00:00 AM UTC0:0|
|Description||The company that owns the Chicago Sun-Times and 58 other newspapers and online sites said Tuesday it had filed for Chapter 11 bankruptcy. |
The Sun-Times Media Group, Inc. said it would continue to operate its newspapers and Web sites as usual while it improves its cost structure and stabilizes operations.
The company that owns the Chicago Sun-Times and 58 other newspapers and online sites said Tuesday it had filed for Chapter 11 bankruptcy.
Tuesday’s announcement comes amid a raft of newspaper closings and cuts that has seen the end of print editions of The Rocky Mountain News in Denver, Colorado; The Seattle Post-Intelligencer; and The Christian Science Monitor.
The Rocky Mountain News shut down completely; both the Seattle paper and the Christian Science Monitor remain in online editions.
The chain that owns the Los Angeles Times and the Chicago Tribune is in bankruptcy and other papers are on the brink. And two industry giants, The Washington Post and The New York Times, announced last week they are cutting costs and staff amid tumbling revenue and continued economic decline.
The Sun-Times said similar cost-cutting measures failed to turn around the company’s fortunes.
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