Don’t stop the presses!
Even though Brown Publishing, the owner of that quirky and batty free weekly of the Hamptons, Dan’s Papers, recently filed for Chapter 11 bankruptcy, the paper isn’t going anywhere.
“Brown’s bankruptcy is not about shutting down and selling off the pieces. In fact, everything will be proceeding as normal,” wrote Dan Rattiner, founder and longtime editor and publisher of Dan’s Papers, in a blog post on the papers’ website. “Instead, this action is about shedding much of this long-term bank loan.”
Mr. Rattiner explained that when Brown bought the paper in 2007 everything seemed so rosy! And then it didn’t.
“You remember those times. Money flowed like water. Everybody was happy. The sky was the limit. Then everything went down the drain,” wrote Mr. Rattiner. “What was left at Brown was an assemblage of the new papers they bought for their chain and a big long-term bank obligation.”
Mr. Rattiner insists that the financial difficulties facing Brown Publishing won’t put a stop to those free copies flopping around Gin Lane.
“Many large newspaper chains have quietly gone through bankruptcies in recent days,” wrote Mr. Rattiner. “The Boston dailies went bankrupt. The Philadelphia dailies just went through a bankruptcy. Even Newsday, which was part of the Tribune Company based in Chicago, went through a bankruptcy. All those publications continue on. Nothing changes when it comes to feet on the ground.”