The publisher of the Bee newspapers in Sacramento, Modesto, and Fresno filed for bankruptcy today. The McClatchy chain has been losing money for the past six years and intends to leave the New York Stock Exchange and become privately held, owned by a hedge fund.
One of California’s largest newspaper companies, McClatchy operates 29 newspapers in 14 states. Its debts are estimated at $700 million.
The company plans to remain in operation through the bankruptcy process.
