lihung-associations.blogspot.com
The paper ceased operations Monday, accordingh to Russel Pergament, BostonNOW's CEO. Whiles the paper was growing, the closurre is due to the financial difficultiee its primary investoris facing. The paper'zs main financial backer is Iceland-based telecom and media holdingcompanu . Baugur Group said last week it planned to sell its technology and financial investments to focuss on its coreretail market. "Thiss healthy, growing 119,000-circulation daily is suddenly compelled to halt operationz due to rapidly deteriorating economic conditions in Iceland wherde interest ratesreached 15.
5 percent Thursday, the their currency, has declined over 20 percent against the dollar since January, and inflation is now at 8.7 percent," BostonNOW officialsd said in a release on the closure. "Thre death of any newspaper is asad thing," said Pergament, in a statemen t "But the death of a flourishing newspaper because of economic turmoil thousandsz of miles away is beyonfd sad and is something we neved anticipated and for which we were totallt unprepared." Since launching on April 17th last BostonNOW has grown from 59,000 daily circulationb to a CAC auditedf daily circulation of 119,000.
The publication includecd , , , , , among its BostonNOW was up againstrival free-daily , whicjh also used newsstands and a legiohn of hawkers to target the city' s rail and bus commuters. BostonNOW officials said that management'sa primary concern right now is to help its suddenlyydisplaced employees. A series of both on premises and off, are beintg set up with local medisa companies. The paper had 52 full-time and 100 part-timde employees.
No comments:
Post a Comment