Finances force Columbian back into old office
By Alexandra Zeumer, Friday 10 October 2008 at 20:17 :: General :: #2433 :: rss
Due to financial troubles, The Columbian newspaper will move out of its new offices and back into the old ones, the Seattle Times reported on Thursday.
The title, based in Clark County, Washington, United States, will either lease or sell the US$30 million building, which opened in January, said the newspaper's publisher, Scott Campbell.
“Like many newspapers across the country, The Columbian is facing a difficult business situation given the economic environment, but we are fortunate to have the resources that allow us to respond with economical solutions. The Columbian is confident it has the ability to come out of this situation and continue to be the trusted news source for Clark County as it has been for more that 100 years,” said Campbell, according to the Seattle Times.
The company is hoping to negotiate a new loan, but it may have to file for Chapter 11 bankruptcy. In the United States, Chapter 11 is filed when a company is unable to service its debt or pay creditors but is trying to stay in business while a bankruptcy court oversees a reorganisation of the company's debt. The Columbian has already gone through two rounds of layoffs.
The Columbian’s newsroom, advertising and circulation departments will not move back to their old offices until the first quarter of 2009, the Seattle Times reported.
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