A troubling sign that the advertising slump causing daily newspapers' financial problems is hitting alt weeklies, too: Creative Loafing filed for bankruptcy protection today. The company has more than $40 million in debt, following its purchase last year of the Chicago Reader and Washington City Paper. A statement from the CEO says the move will result in "reorganization" of the company's finances, not a halt to business nor a liquidation.
For a look at how this crisis is affecting the City Paper, see this deep read in The Georgetown Voice, a student weekly. Editor Erik Wemple explains that new financial realities mean an end to the deeply reported, long-format narrative journalism the paper is known for. New strategy: Blog. And keep cutting staff. Gallows humor in the newsroom has been replaced with "more outright angst and anger and misery over what’s going on," he says.
The closest Creative Loafing paper to the Triangle is Creative Loafing Charlotte.