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The Chicago Sun-Times Goes Bankrupt, Following Trend In Newspapers

According to CNN, the Sun-Times Media Group has filed for bankruptcy. The company not only owns the Chicago Sun-Times, but also 58 other new media print edition papers and online websites.

The paper announced that despite its financial troubles and bankruptcy filing, it would continue to regularly publish its papers and websites. In the meantime, it would focus on restructuring, reorganizing, and finding stability again. However, the Sun-Times has already implemented a number of cost-cutting measures in the past months in order to improve their dismal numbers - a weak economy and dwindling number of print-edition readers has paired together to make a tough market for all newspapers.

Jeremy Halbreich, the company's chief executive, says that the Sun-Times is looking into selling off assets and looking into new investments to keep operating in the future.

In the last year, 120 newspapers across the country have closed their doors due to the market climate, resulting in the loss of 21,000 jobs.