February 25, 2009
Chronicle threatened with cuts or closure
U.S. publisher Hearst Corp. said it would have to cut jobs at the San Francisco Chronicle or be forced to sell or close the newspaper.
Signs of struggling newspapers are rampant, the San Jose, Calif., Mercury News reported Wednesday.Hearst has also threatened to shutter the Seattle Post-Intelligencer unless a buyer emerged -- and none has. The Tribune Co. filed for bankruptcy protection in December. Owners of the Daily News and Philadelphia Inquirer have also sought protection in bankruptcy court, the News reported.
The Chronicle lost $50 million in 2008 and has posted
major losses, since 2001, Hearst said in a statement.
San Francisco Mayor Gavin Newsom said in a statement he was
optimistic the paper could be saved.
We don't want to see this cherished institution close its doors, the statement from the mayor's office said.