To no one’s great surprise, Journal Register Co. filed for bankruptcy over the weekend listing $596.2 million in assets and $736.6 million in liabilities. The company, whose stock has been trading at under one cent, has been solidly profitable recently but was unable to meet its onerous debt burden. CEO James Hall said, “Our business will continue its normal operations and we will publish content as usual throughout this process.” The company closed dozens of weekly publications just over a week ago. Alan Mutter has facts and figures.
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Hard to top Tribune for pure incompetent management, but Journal Register comes very close. They have done nothing except slash and burn their papers, and they all look awful anyways with those terrible mastheads. They are clueless.