217 employees at the Willoughby
News-Herald and Lorain Morning Journal will be out of a job April 17, when New
York hedge fund Alden Global Capital purchases the newspapers’ parent, the
Journal Register Company, which is in its second bankruptcy protection filing in
three years.
Layoffs
will include two executives, 53 newsroom employees and 141 people in
advertising, circulation or operations.
Alden Global Capital will
decide which employees to re-hire. The Alden affiliate, a company called 21st
CMH Acquisition Co., was the sole bidder for Journal Register in a bankruptcy
court auction that ended last week.
When
Journal Register filed bankruptcy, the company said the combined daily
circulation of its two Northeast Ohio newspapers was 54,355 daily, 58,514
Sunday.
To
read the entire article, click on http://www.cleveland.com/business/index.ssf/2013/02/journal_register_co_sale_set_f.html
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