The Minnesota Star Tribune has filed for Chapter 11 bankruptcy

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Wow.

The Minnesota Star Tribune has filed for Chapter 11 bankruptcy, according to its website Thursday night.

The Star Tribune said it listed assets of $493.2 million and liabilities of $661.1 million in its filing.

The company said it hopes to use the bankruptcy status to restructure its debt and lower labor costs.

**sigh**

Does anyone need a hug? I do.

H/T Amber Casares

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One Comment

  1. Mediaverse said January 16, 2009 | Permalink

    Trace, I wouldn’t get too emotional about the bankruptcy filing. The Star-Tribune is a competitive market with another good sized paper, Pioneer Press. Multiple newspaper towns are exceptions.

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