The Industry Standard seeks bankruptcy protection
Published: 28 Aug 2001 08:47 BST
Standard Media International, the parent company for The Industry Standard, filed for Chapter 11 bankruptcy protection on Monday.
As expected, the San Francisco-based publishing company filed for bankruptcy in the US Bankruptcy Court for the Northern District of California. Judge Thomas Carlson will preside over the case.
Standard Media representatives declined to comment on the filing.
Standard Media ceased publishing the weekly The Industry Standard two weeks ago, blaming financial difficulties. The company expected to get a bridge loan to sell the magazine, but negotiations fell through with several parties, company executives said.
As part of the decision to cease publication, The Industry Standard laid off 160 of its 180 workers. The company laid off dozens of workers in two rounds of job cuts earlier this year.
Although the company paid severance in earlier rounds, employees laid off after it ceased publishing did not receive severance cheques.
At the time it ceased publication of The Industry Standard, Standard Media said it would likely file for bankruptcy but was exploring other options, including the sale of assets or the magazine.
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