From The Plain Dealer
More than 200 employees at two Northeast Ohio newspapers received notice this week that their futures are uncertain, as a new owner prepares to take over the business.
The Journal Register Co., which owns the News-Herald in Willoughby and the Morning Journal in Lorain, plans to sell most of its assets to an affiliate of Alden Global Capital, a New York hedge fund that already owns most of the company’s shares.
The sale is the result of a September bankruptcy filing, the Journal Register’s second plea for bankruptcy protection in three years.
When the sale closes on April 17, Journal Register will cease operations and let go of its employees, a company executive wrote in a letter to employees. Those job losses will include 217 people at the Morning Journal and the News-Herald, according to a notice filed with the Ohio Department of Job and Family Services. The 60-day layoff notice was required under a federal law that applies to companies with at least 100 full-time workers.