It appears that the alternative weekly Creative Loafing, which was founded in Atlanta in the 1970s, may have picked a bad time to attempt a national expansion, when last year it acquired two alternative weeklies in Chicago and Washington.
The newspaper’s parent company, Creative Loafing Inc. of Tampa, Fla., on Monday filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Middle District of Florida. In court documents, Creative Loafing cites the national economic downturn’s negative effect on its advertising revenue, which in turn hampered its ability to make payments on loans it obtained to finance its national expansion.
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