
"The closing of these newspapers, which involved an unknown number of layoffs, is ironic in light of Journal Register's buying spree in the 1990s and earlier this decade. It built a portfolio of about 300 weekly newspapers around the Northeast and Midwest, but loaded the company with a significant amount of debt as well," Sass writes. "With the decline of newspaper ad revenues coinciding with a recession and credit crunch, Journal Register's finances imploded, and its myriad acquisitions proved unsustainable." (Read more)
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