Lakeway Publishers: No plans to close papers in bankruptcy
MORRISTOWN, Tenn. (AP) — Lakeway Publishers says it does not plan to close any newspapers as part of a Chapter 11 bankruptcy and restructuring.
The company owns community newspapers and websites in Tennessee, Missouri and Virginia. They include the Citizen Tribune in Morristown, Tennessee.
Lakeway filed for bankruptcy in federal court in East Tennessee on May 31.
“It is a challenge for small companies to adapt to changing market trends and our leadership has decided to tap into a legal safeguard to protect the company as we make these transitions,” Lakeway President Jack Fishman said in a statement. “All publications and online platforms will continue to serve their communities.”
Fishman said newspapers have an obligation to keep readers informed about matters that affect their lives. And he said that even in this time of transition, the work of Lakeway journalists is read by more people than ever before.
The company’s statement said community newspapers are of critical importance because of the “unique role they play in their communities.”