Our old hometown newspaper - The Allentown Morning Call - has filed for Chapter 11 bankruptcy. This is a way of protecting the company from its creditors while it tries to reorganize. It's parent company - Tribune - has about $8 billion in assets and $13 billion in debt. The problems have been caused by competition with the Internet - advertising revenue downturn - and the credit crunch.
Tribune owns newspapers in Chicago and Los Angeles among others. They own 23 television stations - but two of their most noted assets are the Chicago Cubs and Wrigley Field.
In a cost cutting measure - The Morning Call closed their branch offices in Lehighton - Quakertown - and Bethlehem. This caused the layoff of 36 employees. The newspaper shares daily delivery in Tamaqua with The Lehighton Times News - The Hazleton Standard Speaker - and the Pottsvile Republican.
See the Morning Call at - http://www.mcall.com
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