Journal Register Co. Files for Bankruptcy
The Journal Register Co. has followed Tribune Co. into bankruptcy. Journal Register, which owns 20 daily newspapers, is facing challenges including “increased competition from other forms of media and slumping advertising revenues,” said CEO James Hall in court papers.
The company’s revenue has dropped by more than 20% since 2006, Hall said (via the Philadelphia Inquirer).
Since 2007, the company has been cutting costs by reducing staff, eliminating management bonuses and extras like country club memberships.
The Journal Register Co. also owns 159 non-daily newspapers. It employs about 3,500 people.
The publisher of the Philadelphia Inquirer has also filed for bankruptcy.
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