The Minneapolis Star Tribune Files for Bankruptcy
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Another indicator of the decline of newspapers is the filing of bankruptcy by the Minneapolis Star Tribune:
“…The 15th-largest U.S. daily based on circulation, which McClatchy Co sold to private equity firm Avista Capital Partners for $530 million less than two years ago, filed for Chapter 11 bankruptcy protection after missing payments to lenders, it said on Thursday.”
link: Minneapolis Star Tribune in bankruptcy filing
This step allows the newspaper to re-organize and restructure. The plan is to continue operations. However, the advertising problem continues. Advertisers are gravitating to the internet and, coupled with the poor economic climate, profitability becomes an elusive goal. Nevertheless, this filing gives the Minneapolis Star Tribune another opportunity. It simply may be forestalling an inevitable end.
Catherine Forsythe