10/30/2008 05:12 am ET Updated May 25, 2011

Chicago Reader Owner Files For Bankruptcy

Creative Loafing Inc., the owner of the Chicago Reader, announced Monday that it has filed for Chapter 11 bankruptcy, Washington City Paper, which is also owned by the company, reports.

In a conference call with top company officials, Ben Eason, the company's CEO, said that the step would allow the six papers in the Creative Loafing portfolio to establish a greater online presence while the company reorganizes its operations.
"This is all about a fresh start," stated Eason, who hastened to add that the filing entails no liquidation, no layoffs, and "no terrible, terrible things."

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