Métro Media, publisher of Journal Metro and several other papers, to declare bankruptcy
Métro Media will declare bankruptcy in the coming days, permanently ending its coverage in parts of Quebec’s two largest cities.
On Sunday, CEO Andrew Mulé said on X, formerly Twitter, that the company had come to the decision after the company abruptly suspended operations of more than 30 hyperlocal publications, including Journal Métro and 16 print weeklies.
In a statement sent to employees on Aug. 11, Mulé said he had been informed that the company no longer had the liquidity to continue despite what he described as a healthy balance sheet.
On Sunday, Mulé said the company's impending bankruptcy marked a sad epilogue to his 28 months at the helm. He admitted he feels a sense of bitterness and a feeling that there remains unfinished business as local media fight for survival across the country.
The company has around 70 employees, including around thirty journalists whose temporary layoffs will become permanent, adding to previous waves of departures that have occurred since last winter.
On Friday, Metroland Media Group -- unrelated to Metro Media -- also announced it would seek protection from creditors and move to an online-only model.
The decision means large parts of Ontario are set to lose their local newspapers and more than 600 employees will lose their jobs.
-- This report by The Canadian Press was first published in French on Sept. 17, 2023
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