The bad news in the newspaper business continued to mount on Thursday as The Star Tribune of Minneapolis filed for bankruptcy protection.
Star Tribune management warned last month that it would seek bankruptcy protection if it did not win a series of labor concessions on wages and other matters by Friday. Talks with the major unions broke down last week and had not resumed.
The newspaper announced the filing on its Web site Thursday evening.
The publisher, Chris Harte, said in a statement, “We intend to use the Chapter 11 process to make this great Twin Cities institution stronger, leaner and more efficient so that it is better positioned for the future.”
Papers nationwide have suffered from a sharp decline in advertising in the last two years, along with a slower, long-term slide in circulation.
The Star Tribune has the additional problem of a heavy debt burden it took on two years ago, when a private equity group, Avista Capital Partners, bought the paper for $530 million. http://www.nytimes.com/2009/01/16/business/media/16paper.html?partner=permalink&exprod=permalink
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January
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- The Big Fix - How Will The Economy Grow?
- Senators Bid to Regulate Hedge Funds
- Obama Calls Wall Street Bonuses ‘Shameful’
- At Starbucks, A Tall Order For New Cuts,Store Clos...
- Chinese Premier Blames Recession on U.S. Actions
- House Passes Stimulus Plan Despite G.O.P. Opposition
- Fed Signals It’s Ready to Expand Assistance as Needed
- Reynolds Scholarship for Business Writing
- Thain Fires Back at Bank of America
- Central Banks Are Creatures of Financial Crises
- Price Cuts Spur Home Sales
- McDonald's to Expand, Posting Strong Results
- Delta Airlines Faces Big Loss
- 62,000 Jobs Are Cut by U.S. and Foreign Companies
- Starbucks CEO, Top Officials Didn't Get Bonuses fo...
- Brokerage Chief Sold $13 Million Mansion to Wife f...
- Security Video Captures Jet's Hudson River Landing
- Nationalization of Banks Gets A Serious Look
- Freight Rates Plunge as Huge Carriers Sail
- Manufacturing Bubble Bursts in Japan
- Lending at Top Banks Drops Despite Federal Cash
- G.E. Meets Expectations for Fourth Quarter, but Qu...
- Once a Boon, Euro Now Burdens Some Nations
- UK Economy Falls Into A Recession
- The End of Wall Street - WSJ
- Recession's Future Path
- MSNBC Wants to Add a 3rd Prime-Time Show
- Falling Pound Raises Fears of Stagnation
- Three Death Sentences in Chinese Milk Scandal
- Bank Shares Plunge on Nationalization Fears
- Pound Falls Against The Dollar
- A Kinder Bankruptcy Law Is Sought as Filings Soar
- It's Bad, But 1982 Was Worse
- Rates: When Zero Is Way Too High
- Hard Times Brings Boom in Personal Finance Books
- Will Fox News Swing Left With Obama in Office?
- Companies under Pressure as Debts Come Due
- More Americans Join Military As Jobs Dwindle
- F.B.I. and S.E.C. Probe Missing Fund Manager
- Editors and Publishers in a Revolving Door
- Billionaire Seeks Deal in Times Co.
- Minneapolis Star-Tribune files for bankruptcy
- Outlook Grim for Automakers
- A flock of mansions hit the market at bargain prices
- Economy Brings Out the Worst - Swindlers
- Financial Giant Citigroup going to bust itself up
- In Rare Move, Microsoft is Exploring Job Cuts
- Bank of America Gets Billions in U.S. Aid
- Apple's Jobs Takes Medical Leave
- Newspapers Move to Outsource Foreign Coverage
- Slumdog copy editors
- The New Journalism: Goosing the Gray Lady
- Can The New York Times survive the death of newspr...
- Seattle Post-Intelligencer Faces Closure if Buyer ...
- Let's Invent an iTunes for News
- Detroit Is Facing a Scary New Normality
- Wave of Retail Bankruptcy Filings Expected
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- Obama Team Wants To Tap TARP for Foreclosures
- Chinese Drywall Cited in Building Woes
- On Front Lines of Debt Crisis, Luggage Maker Fight...
- Jobless Rate Makes Case For Stimulus
- Jobless Rate Surges to 17 Year High
- Big Slide in 401(k)s Spurs Calls for Change
- Test for Dwindling Retail Jobs Spawns a Culture of...
- The House From Hell - Worth? $103,000
- Apple Drops Copyright Protection on Songs
- Fed Fears Long, Deep Recession
- Facing Losses, Billionaire Takes His Own Life
- Big Madoff Investor Found Dead
- Drop in Inflation Lifts Europe Stocks
- Apple’s Jobs Explains His Weight Loss
- Obama Seeks Wide Support in Congress for Stimulus
- Debt Trap: College Borrowing Sinks Students
- Is Next Great Depression Already Underway?
- Obama Eyes $300 Billion Tax Cut
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