Chicago, that great newspaper town… now with both in Chapter 11 bankruptcy.
The Chicago Sun-Times has filed for Chapter 11 bankruptcy, as the troubled newspaper is sinking under a massive amount of debt, which includes a lot to the IRS.
The Sun-Times joins The Tribune in Chapter 11, who filed for bankruptcy several months ago.
The paper has never recovered from the scandals by former chairman Conrad Black, who went to jail for embezzlement.
Also hurting the paper (and the industry itself) were declining revenues and migration of readers to the Internet.
Another newspaper (The Chicago Defender, targeted to the region’s African-American community) now publishes only weekly.
Back in 1978, a third daily paper (The Chicago Daily News) went belly up.