Posted: Sep 1, 2009 12:49 PM by Bea Karnes
The owner of the Colorado Springs Gazette and dozens of other newspapers has become the latest
publisher driven into bankruptcy court by a jarring drop in advertising revenue.
Freedom Communications Inc. had been struggling to bring in enough money to repay its debt for the past year. It required workers to take unpaid leave and imposed an across-the-board 5 percent cut in wages.
The privately held company is at least the 10th newspaper publisher to file for bankruptcy protection over the past year.
Earlier this year, the Rocky Mountain New shut down just months shy of it's 150th anniversary.