Creative Loafing Files for Chapter 11 Bankruptcy Protection
By AAN Staff
september 29, 2008 12:15 pm
The company, which owns
Creative Loafing papers in Atlanta, Charlotte, Sarasota and Tampa, as well as the
Chicago Reader and
Washington City Paper, filed for Chapter 11 bankruptcy protection this morning, the
St. Petersburg Times reports.
City Paper editor Erik Wemple reports that CEO Ben Eason discussed the filing with top company officials in a conference call this morning, and said that the bankruptcy filing would allow CL's six papers to establish a greater online presence while the company reorganizes its operations. A corporate memo on the filing says it "has little to do with
the acquisition" of the
Reader and
City Paper last year. Eason also said that the move entails no liquidation or layoffs. In fact, the Chapter 11 filing will roll back editorial staff cuts at the papers, Wemple writes.
MORE: Read more about the move from
Creative Loafing (Tampa),
the Reader,
Crain's and
Bloomberg News.
Tags:
Circulation,
Classified Advertising,
Design & Production,
Editorial,
Electronic Publishing,
Financial,
Management,
Marketing,
Retail Advertising,
CL, Inc.,
Washington City Paper,
Chicago Reader,
Creative Loafing (Atlanta),
Creative Loafing (Charlotte),
Creative Loafing (Tampa),
Creative Loafing (Sarasota),
Ben Eason,
Erik Wemple