Tampa, FL, United States (AHN) – It’s beginning to be a tough week for newspapers, with one major publication announcing a round of lay-offs, while another publisher announces bankruptcy.
Media General announced Monday that it will let go 165 staffers from the Tampa (FL)Tribune newspaper, TBO.com, and other community papers it publishes. Meanwhile, in Davenport, IL, Lee Enterprises has filed for bankruptcy. Lee Enterprises is a 121-year-old company that publishes 54 newspapers in 23 states, in addition to more than 300 weekly and specialty publications.
After the lay-offs, Virginia-based Media General will retain only 675 staffers for its Tampa-area print and online publications. The lay-offs will come in early 2012, according to rival publication St. Petersburg Times.
Lee Enterprises will attempt to refinance about $1 billion in debt, filing its bankruptcy petition in Wilmington, DE. The filing comes after Friday’s annual report, disclosing that the company is almost at its debt limit.
“Our ability to operate as a going concern is dependent on our ability to obtain approval by the U.S. Bankruptcy Court of the refinancing plan approved by creditors and to generate cash flows and maintain liquidity sufficient to service our debt,” Lee Enterprises explained.
Nationally, Lee Enterprises employs an estimated 10,700 people and owns such newspapers as St. Louis Post Dispatch, Columbus Telegram, Rapid City Journal, Post-Star in New York, and Sioux City Journal.
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