Minneapolis Star Tribune files for bankruptcy
News of the Star Tribune's filing for Chapter 11 bankruptcy broke late this evening on the ST Web site.
The article says that "Minnesota's largest newspaper will try to use bankruptcy to restructure its debt and lower its labor costs."
Most interesting was Publisher Chris Harte's 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 well positioned to benefit when economic conditions begin to improve,' Harte said in a statement."
Leaner? We all know what that means.
This comes off news that my former employer Gannett is implementing a furlough program. Nearly all of its employees will lose a week's time without pay, according to the Editor & Publisher.
What will happen next?