Wednesday, February 20, 2013
Journal Register Company, which owns six daily newspapers in the Philadelphia region, filed for bankruptcy in September. The new owner may not retain all the current employees.
Wednesday, February 20
The Times Herald of Norristown, the Pottstown Mercury, and the Lansdale Reporter will have a new owner in April, pending a judge's approval of the company's bankruptcy sale. The Associated Press reports that Journal Register Company has sought a judge's approval to be purchased by 21st CMH Acquisition Co., an affiliate of current owner Alden Capital, for about $120 million. 21st CMH Acquisition Co. was the sole bidder in an auction to purchase the Bucks County-based company, which filed for bankruptcy last September. The company had previously filed for bankruptcy in 2009. CEO John Paton cited onerous building leases and other "legacy obligations" as a factor in the most recent bankruptcy filing. Citing an article in the New Haven Register…
Friday, December 28, 2012
Eckert Seamans Cherin & Mellott, LLC, had filed a declaration of taking for the right-of-way owned by Goodson Holding Company and Journal Register Co. at Derstine Avenue and Wood Street in Lansdale. Goodson Holding Co. and JRC are in bankruptcy court
The Wood-Vine Connector Pennsylvania Community Transportation Initiative Project is back on track, now that Lansdale Borough can obtain right-of-way from the property of The Reporter Newspaper. Solicitor Mark Hosterman announced this month that the bankruptcy court has lifted an automatic stay in Goodson Holding Company's bankruptcy reorganization case. "The borough is allowed to acquire the right-of-way necessary for the property," Hosterman said. "We are in the process of doing that right now." Lansdale Council in October contracted Eckert Seamans Cherin & Mellott, LLC to provide legal services on behalf of the borough, in order to obtain relief from an automatic stay. Lansdale Borough, through Eckert Seamans Cherin & Mellott, LLC, filed…
Wednesday, September 26, 2012
Journal Register Company CEO would consider reducing print frequency of newspapers in certain markets
According to Poynter.org, Journal Register Company, which recently filed for Chapter 11 bankruptcy, could eliminate one or two daily print editions at some of its 20 daily newspapers. CEO John Paton said he would consider the change for the newspapers which show strong advertising growth for online editions, which also lack resources to produce seven quality daily papers each week. Paton has praised the New Orleans Times-Picayune plan to print only three days a week, but said for JRC the reduction might mean only eliminating one or two editions. Paton noted that he's considering the reduction based on declining print revenues and increasing digital revenues. Journal Register Company, which owns The Reporter as well as several other local …
Wednesday, September 5, 2012
The owner of The Reporter in Lansdale, The Mercury in Pottstown and The Times Herald in Norristown will be sold promptly, according to reports.
Digital First Media announced Wednesday that its subsidiary Journal Register Company is filing for Chapter 11 bankruptcy, the second time since 2009. JRC operates The Reporter in Lansdale, The Mercury in Pottstown and The Times Herald in Norristown, among other local papers. JRC filed voluntary petitions for Chapter 11 in U.S. Bankruptcy Court for the Southern District of New York and "will seek to implement a prompt sale," according to Digital First Media. Digital First Media operates MediaNews Group and Digital First Ventures. According to a press release from Digital First Media, the auction and sale would take 90 days. Digital First has reportedly signed a stalking horse bid for JRC from 21st CMH Acquisition Co., an affiliate of the …
Friday, March 18, 2011
Corporate spokeswoman said a last-minute negotiation between Borders Group and the landlord saved the store from the closing list.
This is one chapter in the book of bankrupt retail agencies that will remain open—and it deals with the Chapter 11 filing by Borders Group Inc. and a local Borders branch. As of March 17, the Borders store in Montgomeryville was on a new list of stores to be closed in the wake of the corporation’s bankruptcy filing. One day later, through negotiations with the landlord, Gatway DC Properties, Inc., of California, the store will stay open for business. “The store, just about a half hour ago, got taken off the closing list,” said Borders Group Inc. spokeswoman Rosalind Thompson, at 12:45 p.m. Friday. “It’s a permanent opening. The landlord came back and gave us some concessions, and we sent a note to the store saying, ‘You are staying open…