Kinda a theme, eh?
The corporate parent of the QC’s leading alt-weekly has filed for bankruptcy, but is spinning it as all good in a memo to employees. Thus:
The term ‘bankruptcy’ conjures up all kinds of images and demons but it is essentially a legal proceeding designed to give an over-leveraged company the time, process and a safe harbor for which to reorganize its finances. Chapter 11 was the natural place for the Company to go to accomplish an orderly reorganization of our finances. …
This filing has little to do with the acquisition and everyone should feel very proud of what we’ve accomplished,” reads the company memo. “It hasn’t been easy but it has been successful. The assumptions we made have not turned out to be so successful. The print business has been under siege from all quarters with the exception of the one place that counts; audience.
CEO Ben Eason goes to say the filing will not mean layoffs, just that CL is gonna re-purpose itself with an eye toward being Web-centric going forward. Hmmm, sounds a lot like what The Rhino Times said the other week.
The difference is CL has a hammer lock on the local bar ad biz, which should be very pleasing to the corporate office. If more is expected, look out. It will not come from the revenue side.
